SHANGHAI, Jun. 4 (SMM) – LME tin prices opened lower at USD 19,524/mt in electronic trading overnight and hit a low of USD 19,200 since the US nonfarm payrolls showed the slowest growth and since the weak China and European economic data depressed market. Prices finally closed at USD 19,350/mt, down USD 250/mt from the previous trading day, with the highest price at USD 19,524/mt. Daily trading volumes were up 59 lots to 256 lots, while positions increased by 73 lots to 20,434 lots. LME tin inventories were down 50 mt to 13,360 mt.
China’s PMI were reported down to 50.4 in May, lower than both expected 52.2 and a yearly high of 53.3 registered in April. US nonfarm payrolls for May were reported much worse than expectations, pushing up risk aversion and driving the US dollar index to touch a high of 83.51. However, this also triggered QE3 expectations, dragging US dollar index down later.
On Monday, tin prices in China’s domestic market are expected to be RMB 153,000-145,000/mt.