SHANGHAI, Mar. 16 (SMM) -- LME tin prices for delivery in three months opened at USD 24,045/mt and closed at USD 23,800/mt overnight, down USD 1/mt from a day earlier, with the highest price at USD 24,050/mt and the lowest price at USD 23,650/mt. Daily trading volumes were 245 lots, up 87 lots. Positions were 19,260 lots, up 368 lots. LME tin inventories were 11,570 mt, flat from a day earlier.
LME tin prices slipped all the way to hit a low at USD 23,650/mt during Thursday’s Asian trading hours and early European trading hours. During the evening trading hours, LME tin prices fluctuated narrowly, and closed at USD 23,800/mt, down USD 1/mt from a day earlier. Positive economic data from the US supported market, but concern over economic growth in the Europe and China continued to weigh on market sentiment.
The International Monetary Fund (IMF) approved the second round of Greek bailout package worth EUR 28 billion, which offset negative impact from Standard & Poor’s announcement that Greek selective default rating shall remain unchanged and from Fitch's adjustment of Bank of England’s credit rating outlook into negative. Meanwhile, base metal prices also draw support and largely closed with gains from better-than-expected manufacture data from the US.
SMM expects that LME tin prices will continue to move around USD 24,000/mt and spot tin prices will remain stable in the RMB 172,500-174,500/mt range on Friday.