SHANGHAI, Apr. 25 (SMM) – LME tin prices overnight opened at USD 21,375/mt in electronic trading and fluctuated up due to the weak US dollar index and boosted sentiment in European market to close at USD 21,675/mt, up USD 375/mt from the previous trading day, with the highest price at USD 21,699/mt, and low-end prices at USD 21,300/mt. Daily trading volumes were 190 lots, up 24 lots. Positions were 19,292 lots, up 31 lots. LME tin inventories were up 65 mt to 13, 875 mt.
New homes in the US were sold at an annual rate of 328,000 in March, slightly above forecasts, shoring up markets. Major financial markets in Europe were largely influenced by the resignation of Dutch cabinet recently, but base metal markets rebounded following the successful bond sales in Holland. Investors paid close attention to the two-day monetary policy meeting of Fed FOMC, but most of them believed further stimulus measures were likely in short term, so the decline of the US dollar index should be limited.
In China’s domestic market, tin prices are expected to be in the RMB 164,000-165,500/mt range.