SHANGHAI, Apr. 11 (SMM) – LME tin prices opened at USD 22,750/mt and closed at USD 22,625/mt overnight, down USD 176/mt from a day earlier, with the highest price at USD 23,100/mt and the lowest price at USD 22,510/mt. Daily trading volumes were 254 lots, up 35 lots. Positions were 19,574 lots, up 139 lots. LME tin inventories were 13,045 mt, down 25 mt.
With continuous rise of Italian and Spanish bond yields reignited market worries about euro zone debt crisis. LME tin prices fluctuated weakly overnight and hit a low of USD 22,510/mt to finally close at USD 22,625/mt. On Tuesday, the US nonfarm payrolls data continued to influence markets, with European and US equities dropping generally, while China’s trade data also remained weak. Recent movements of base metal prices were mainly dominated by investors’ expectation on economic recovery and relatively eased liquidity, but market fundamentals did not improve significantly. In this context, metal markets should remain depressed in the near term.
In domestic markets, spot tin prices are expected to move between RMB 168,000-170,500/mt on Wednesday.