SHANGHAI, May 11 (SMM) – The concerns over Greek election continued to influence LME metal markets Thursday and China’s April foreign trade growth was much lower than expected, but the dropping US jobless claims released overnight buoyed the market to certain degree. Thus, LME tin prices opened at USD 20,750/mt in electronic trading and continued to fall to close at the intraday low of USD 20,380/mt, down USD 370/mt from the previous trading day, with the highest price at USD 20,850/mt. Daily trading volumes were 418 lots, down 80 lots, and positions were down 76 lots to 18,998 lots. LME tin inventories were up 25 mt to 14,515 mt.
Greece edged closer to default as the latest attempt at coalition government failed Thursday, and European Central Bank Governing Council member Ewald Nowotny said Greece could not be helped if it would not help itself. As risk aversion continued to dominate the market, the US dollar index rose to 80.22, combined with China’s disappointing foreign trade growth for April caused by weak demand overseas, LME metals were under downward pressure during the European trading session. However, the US jobless claims were reported lower than previous data and market expectations, LME metals should be boosted. Market players will focus on the release of China’s economic data on Friday.
On Friday, domestic tin prices are expected to be between RMB 159,000-162,000/mt.