SHANGHAI, Apr. 24 (SMM) – Since investors’ buying interest was depressed by stronger US dollar index and disappointing economic data in both China and Europe, LME tin prices overnight opened at USD 21,500/mt in electronic trading and hit a low of USD 21,050/mt to finally end at USD 21,300/mt, down USD 50/mt from the previous trading day, with the highest price at USD 21,600/mt. Daily trading volumes were 166 lots, down 19 lots. Positions were 19, 261 lots, up 140 lots. LME tin inventories were up 165 mt to 13, 810 mt.
China’s manufacturing PMI was up slightly from 48.3 in March to 49.1 in April, according to HSBC, but still remains below the boom-or-bust level. The manufacturing output staged the largest MoM contraction since November 2011, while both new orders and new export orders fell in April, reflecting weak demand at home and abroad. The PMI data intensified market concerns over China’s economy and resulted in general plunge of base metal markets. Besides, the lower European PMI data reported overnight and uncertainty to French presidential election struck the European equity markets, with LME base metals also falling sharply.
On Tuesday, tin prices should remain in the RMB 164,500-165,500/mt range.