SMM Morning Review - 2012/4/26 Tin Market

SHANGHAI, Apr. 26 (SMM) – Federal Reserve declared during the FOMC meeting to keep the interest rate low, weighing on the US dollar index. Thus, LME tin prices overnight opened at USD 21,625/mt in electronic trading and ended at USD 21,800/mt, up USD 125/mt from the previous trading day, with the highest price at USD 21,950/mt, and low-end prices at USD 21,500/mt. Daily trading volumes were 331 lots, up 141 lots. Positions were 19,213 lots, down 79 lots. LME tin inventories remained unchanged at 13, 875 mt.

The result of the much concerned Fed FOMC meeting was within market expectations. However, economic situations were mix recently. British GDP growth staged MoM decrease. The sharp decline in US durable goods orders for March did not trigger market fears, but the global economic slowdown and the European debt issue were again put under the spotlight.

On Thursday, domestic tin prices should mainly move between RMB 164,000-165,000/mt.