SHANGHAI, May 17 (SMM) – With European economic data missing estimates and Greek issue remaining a focus in the market, LME tin prices overnight opened at USD 19,900/mt in electronic trading and ended down USD 250/mt to USD 19,700/mt. The highest price was at USD 19,901/mt and lowest was at USD 19,350/mt. Positions were down 469 lots to 18,702 lots.
On Wednesday, LME base metals were under downward pressures, with prices for all base metals except aluminum hitting new lows. It was reported the European central bank ceased operations with some Greek banks, but ECB also noted these operations will be restarted once banks finish their recapitalization. However, market players feared that ECB’s aids for the country may come to an end. Market was further depressed by higher possibility for Greece to leave the euro zone according to a ballot in Greece. As a result, base metals moved down along with other risky assets. Metal prices are not likely to rise in the near term.
On Thursday, domestic spot tin prices are expected to be between RMB 154,000-167,500/mt.