SMM Morning Review - 2012/5/4 Tin Market

SHANGHAI, May 4 (SMM) – LME tin prices opened at USD 22,450/mt in electronic trading and fell as ISM April non-manufacturing data was reported worse than expected and finally closed at an intraday low of USD 21,860/mt, down USD 491/mt from the previous trading day. Daily trading volumes were 259 lots, up only 1 lot. Positions were 19,397 lots, up 54 lots. LME tin inventories were up 20 mt to 14,510 mt.

The European Central Bank left its key interest rates unchanged at a record low of 1% at its monthly meeting Thursday. Meanwhile, the US ISM non-manufacturing data for April hit a six-month low, offsetting the positive employment data and weighing on base metals. Investors pay close attention to the nonfarm payrolls to be released on Friday and should remain cautious before the release
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On Friday, domestic tin prices should remain flat between RMB 164,000-165,500/mt.