SHANGHAI, May 21 (SMM) – LME tin prices presented a stable trend due to the lingering European debt concerns and market focus on G8 summit last week. LME tin prices opened at USD 19,275/mt in electronic trading and closed up USD 150/mt to USD 19,400/mt. The highest price was at USD 19,550/mt and lowest was at USD 19,150/mt. Daily trading volumes were up 9 lots to 375 lots, while positions were down 208 lots to 19,231 lots. LME tin inventories increased by 75 mt to 14,430 mt.
The G8 leaders pledged to take actions to boost confidence and nurture recovery including reforms to raise productivity, growth and demand within a sustainable, credible and non-inflationary macroeconomic framework. It was also urged that Greece should respect its commitments in order to stay in the euro zone. However, the summit exposed disagreement on a rescue strategy between Germany and France, with Germany insisting on the austerity measures. The news managed to help base metals stabilize briefly after the sharp declines and may give certain support to metals market this week.
On Monday, domestic tin prices should be between RMB 153,000-156,000/mt.