SHANGHAI, May 22 (SMM) – LME tin prices overnight opened at USD 19,400/mt in electronic trading and closed up USD 1/mt to USD 19,401/mt. The highest price was at USD 19,700/mt and lowest was at USD 19,300/mt. Daily trading volumes were down 52 lots to 323 lots, while positions were down 191 lots to 19,040 lots. LME tin inventories rose by 40 mt to 14,470 mt.
The G8 leaders expressed their willingness to keep Greece in the euro zone and pledged to take effective measures to resolve the financial turmoil and rejuvenate global economy. China’s premier Wen Jiabao also addressed recently that China should attach more importance to a stable growth, and strengthen and improve macro-control in a timely manner appropriate to pre-tune fine-tuning. Investors expected more stimulus measure will be introduced. Besides, since output of construction sector in the euro zone surged by 12.4 % in March, metals will gain certain support to rise.
On Tuesday, domestic tin prices are expected to be between RMB 153,000-155,000/mt.