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SMM Morning Review – 2012/3/5 Tin Market
Mar 5, 2012 09:54SMM expects that LME tin prices will continue to hover around USD 24,000/mt and domestic tin spot prices will move in the RMB 173,000-175,000/mt range on Monday.
SHANGHAI, Mar. 5 (SMM) -- LME tin prices for delivery in three months opened at USD 24,000/mt and closed at USD 23,919/mt overnight, down USD 81/mt from a day earlier, with the highest price at USD 24,000/mt and the lowest price at USD 23,625/mt. Daily trading volumes were 172 lots, up 54 lots. Positions were 18,878 lots, down 184 lots. LME tin inventories were 11,035mt, up 420 mt from a day earlier.
LME tin prices managed to remain stable between USD 23,800-24,000/mt during Friday’s Asian and early European trading hours, but were weighed down due to negative economic data from the euro zone. LME tin prices fell below USD 23,800/mt and hit a low at USD 23,625/mt. Finally, LME tin prices closed at USD 23,919/mt, down USD 81/mt from a day earlier.
The market news front is comparatively quiet today. SMM expects that LME tin prices will continue to hover around USD 24,000/mt and domestic tin spot prices will move in the RMB 173,000-175,000/mt range on Monday.
tin; tin price; LME tin price; spot tin price; European debt crisis; US dollar; euro; Mar. 5; in the Shanghai tin spot market;
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.
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