SHANGHAI, May 15 (SMM) – LME tin prices overnight opened at USD 20,350/mt in electronic trading and closed at USD 20,270/mt, down USD 106/mt from the previous trading day, with the highest price at USD 20,500/mt and lowest at USD 19,900/mt. Daily trading volumes were 893 lots, up 630 lots, while positions were down 91 lots to 18,835 lots.
On Monday, the positive news of China’s RRR cut was overshadowed by fears on the European crisis, causing selloff in metal markets. The failed attempts by Greece’s major parties of organizing coalition government placed the country in greater risk of exiting euro zone. Besides, investors concern Spain will be the next victim to the debt crisis. The US dollar index was buoyed since market worries dragged the Euro down. Combined with China’s weakening economic data, base metal markets will be further depressed.
On Tuesday, traded prices in domestic tin market should be within the RMB 157,000-160,000/mt range.