SHANGHAI, Apr. 18 (SMM) – Given the satisfactory result for Spanish government bond auction and positive ZEW Indicator of Economic Sentiment for Germany, LME tin prices overnight opened at USD 21,400/mt and moved up to end at USD 21,620/mt, up USD 269/mt from the previous trading day, with high-end price at USD 21,620/mt and the low-end price at USD 20,950/mt. Daily trading volumes were 492 lots, down 54 lots. Positions were 18,854 lots, down 370 lots. LME tin inventories increased by 35 mt to 13, 275 mt.
The better-than-expected Spanish 12-month and 18-month debt sales on April 17 were regarded as a positive signal by most investors. Meanwhile, although the country’s 10-year bond yields remained above 6%, European base metal markets were basically stable, as debt crisis was not expected by most market players with active measures underway. However, with a lack of substantial up momentum, strong rallies are not likely in LME metal markets.
On Wednesday, domestic tin prices should remain little changed between RMB 164,500-167,000/mt.