SHANGHAI, Mar. 22 (SMM) -- LME tin prices for delivery in three months opened at USD 23,451/mt and closed at USD 22,950/mt overnight, down USD 450/mt from a day earlier, with the highest price at USD 23,550/mt and the lowest price at USD 22,950/mt. Daily trading volumes were 191 lots, up 5 lots. Positions were 18,689 lots, down 335 lots. LME tin inventories were 12,500 mt, up 405 mt from a day earlier.
LME tin prices fluctuated narrowly during Wednesday’s Asian trading hours and the early European trading hours. During the evening trading hours, LME tin prices accelerated declines and closed at USD 22,950/mt, down USD 450/mt from a day earlier. Market concern over demand from China and LME tin inventory increase continued to weigh market sentiment.
LME base metal prices closed mixed overnight. On March 22, the USD February second-hand housing sales were down 0.9%, forcing some investors to exit market after profit-taking. According to report from the National Association of Realtor, the US February second-hand housing sales were down 0.9% to 4.59 million units. In addition, Bernanke’s remark hinted that the US monetary policy would not likely to change easily, and he believed that the European debt crisis eased to certain extent, which lent support for the US dollar. In this context, LME base metal prices largely moved in a narrow range without significant fluctuation from the beginning of this week. At present, the base metal market is waiting for any improvement from market consumption.
SMM expects that LME tin prices will continue to test USD 23,000/mt considering the decline overnight LME tin price decline and concern over demand perspective from China. In China’s spot market, spot tin prices will continue to fall to move in the RMB 169,500-171,500/mt range on Thursday.