SHANGHAI, Mar. 8 (SMM) -- LME tin prices for delivery in three months opened at USD 22,250/mt and closed at USD 22,072/mt overnight, down USD 378/mt from a day earlier, with the highest price at USD 22,600/mt and the lowest price at USD 22,060/mt. Daily trading volumes were 350 lots, down 15 lots. Positions were 18,993 lots, up 180 lots. LME tin inventories were 11,460mt, up 145 mt from a day earlier.
LME tin prices largely fluctuated between USD 22,200-22,400/mt, hitting a high at USD 22,600/mt and finding support at USD 22,060/mt. Market players were cautiously optimistic towards Greek debt restructure, and LME tin prices were still weak. Finally, LME tin prices closed at USD 22,072/mt, down USD 378/mt from a day earlier.
According to Greek government plan, private creditors had to decide whether or not support for Greek debt swap plan before March 8th, which is quiet critical for success for Greek bailout. At present, many institutions holding total EUR 81 billion Greek debt are support for debt swap. Although many creditors are support for debt swap plan, market players still worry Greek economy and lack confidence that the debt swap plan will be implemented on schedule. In response, LME base metal prices were volatile overnight.
Close attention should be paid the development of Greek debt swap on Thursday, and it is expected that players will largely adopt a wait-and-see attitude before outcome of the vote. Currently, LME tin will continue to test sustainability at USD 22,000/mt and will be well supported at USD 21,500/mt on Thursday. In China’s spot tin market, overnight LME tin price decline will weigh on spot tin prices to move in the RMB 169,500-172,000/mt on Thursday.