SHANGHAI, May 25 (SMM) – Since US jobless claims and durable goods orders were reported better, somewhat offsetting the impact of weakening manufacturing data, LME tin prices overnight opened at USD 19,550/mt in electronic trading and rose at the tail of trading to hit a high of USD 20,100/mt. LME tin prices finally ended up USD 320/mt to USD 19,870/mt, with the lowest price of the day at USD 19353/mt. Daily trading volumes were down 68 lots to 296 lots, while positions increased by 114 lots to 19,666 lots. LME tin inventories were down 370 mt to 13,625 mt.
The HSBC Flash PMI retreated to 48.7 in May from a final reading of 49.3 in April, while the euro zone composite PMI index in May fell to a 35-month low of 45.9 from 46.7 in April, with PMI data both for Germany and France lower-than-expected in May, signaling a contraction in activity. Besides, the Greek exit remained a market focus across the globe. Base metals continued downtrend with the US dollar index keeping rising.
In China’s domestic market, spot tin prices should move between RMB 154,500-155,500/mt on Friday.
