SHANGHAI, May. 3 (SMM) – LME tin prices opened at USD 22,500/mt in electronic trading and dipped below USD 22,000/mt during European trading hours due to worse-than-expected economic data from Europe, but regained some losses at the tail of trading to finally close at USD 22,351/mt, down USD 109/mt from the previous trading day. The highest price was USD 22,600/mt, while the lowest was USD 21,900/mt. Daily trading volumes were 258 lots, up 73 lots. Positions were 19,343 lots, down 431 lots. LME tin inventories were down 25 mt to 14,490 mt.
The euro zone April PMI dropped to a three-year low to 45.9, while German unemployment rate was reported up to 6.8% during April from the 6.7% saw in March. ADP report for April employers added just 119,000 jobs, much lower than the previous number and ADP’s estimate, depressing market confidence and LME base metals. Now market players were focused on April nonfarm payrolls to be released this Friday. If the data remains poor, investors’ expectation on QE3 policies may be stronger over the deteriorating US economy.
On Thursday, domestic tin prices should be between RMB 164,000-165,500/mt.