SHANGHAI, Mar. 19 (SMM) -- LME tin prices for delivery in three months opened at USD 23,800/mt and closed at USD 23,375/mt overnight, down USD 425/mt from a day earlier, with the highest price at USD 23,900/mt and the lowest price at USD 23,375/mt. Daily trading volumes were 227 lots, up 18 lots. Positions were 19,362 lots, up 102 lots. LME tin inventories were 11,570 mt, flat from a day earlier.
LME tin prices moved stably during Friday's Asian trading hours, but slipped slightly during the European trading hours. During the US trading hours, LME tin prices accelerated declines as lower-than-expected economic data from the US triggered market concern over demand from China. Finally, LME tin prices closed at USD 23,375/mt, down USD 425/mt from a day earlier.
The US consumer confidence index for March fell to 74.3, lower than market expectation. LME base metal prices closed mixed last Friday, with quiet trading sentiment reported. The US Department of Labor announced its February CPI was up 0.4% MoM, which was within market expectation and failing to give a strong boost to market. Market did not draw support from economic data from the US, while positive impact from the Greek debt bailout has been absorbed by market players.
Affected by concern over demand from China amid slow economic growth, it is expected that LME tin prices will continue to fluctuate weakly, with support between USD 23,000-23,100/mt. In China’s spot tin market, prices still lack support from demand, and it is expected that spot tin prices will largely move in the RMB 172,500-174,000/mt range on Monday.