SHANGHAI, Apr. 17 (SMM) – LME tin prices, influenced by the weak US manufacturing and house sales data, opened at USD 22,200/mt and dropped sharply overnight to finally close at USD 21,351/mt, down USD 999/mt from the previous trading day, a decrease of 4.5%, with the intraday high at USD 22,200/mt and the lowest price at USD 21,300/mt. Daily trading volumes were 546 lots, up 409 lots. Positions were 19,224 lots, up 28 lots. LME tin inventories fell 25 mt to 13,240 mt.
On Monday, euro and European equities as well as the Dow Jones Industrial Average all rose high in response to the above-expected US March retail sales, with most base metals closing the day higher from the previous trading day. The European debt issue became the market focus recently, and investors were concerned about the Spanish and Italian debt issues. It is expected that euro zone may continue to inject funds into the market, boosting the US dollar index.
In domestic markets, spot tin prices will be dragged down by the LME tin prices and move between RMB 165,000-167,000/mt on Tuesday.