SHANGHAI, Apr. 23 (SMM) – Last Friday, market confidence was boosted by strong performance released in quarterly report of US enterprises for 1Q and higher IFO Business Climate Index. As a result, LME tin prices opened at USD 21,400/mt in electronic trading and hit a high of USD 21,720/mt to finally close at USD 21,350/mt, up USD 75/mt from the previous trading day, with the highest price at USD 21,720/mt and the lowest price at USD 21,206/mt. Daily trading volumes were 185 lots, down 110 lots. Positions were 19,121 lots, up 214 lots. LME tin inventories were up 165 mt to 13,645 mt.
G20 leaders pledged more than $430 billion to IMF on Friday, roughly doubling the IMF’s fire-fighting power and ward off financial contagion from Europe. The commitment will give more time for Europe to deal with the much concerned Spanish debt issue, leading to optimistic sentiment in the base metal market. However, as the HSBC PMI data for April will be released on Monday, market players were still uncertain to the data.
On Monday, domestic tin prices are expected to be between RMB 164,500-165,500/mt.