SHANGHAI, Apr. 19 (SMM) – LME tin prices overnight kept falling due to concerns over Spain’s financial situation after opening at USD 21,500/mt and finally closed at USD 21,001/mt, down USD 619/mt from the previous trading day, with the highest price at USD 21,600/mt and the lowest price at USD 20,826/mt. Daily trading volumes were 483 lots, down 9 lots. Positions were 19,036 lots, up 182 lots. LME tin inventories were up 195 mt to 13,470 mt.
LME base metals failed to continue to upward trends saw in Asian trading hours. Spain will sell a maximum of EUR 2.5 billion of bonds maturing in 2014 and 2022 on Thursday, and investors are not optimistic to the auction’s result, weighing on commodity markets. However, the strong rebounds of Chinese stocks will provide certain support to base metals.
In China’s domestic markets, tin prices are expected to move between RMB 164,000-166,500/mt on Thursday.