SHANGHAI, Jun. 13 (SMM) – Market continued focusing on the situation in the euro zone, the fresh concerns over Spanish bailout and the upcoming Greek election drove investors to stay out of the market with a wait-and-see attitude. LME tin prices overnight opened at USD 19,520/mt in electronic trading and fluctuated around USD 19,600/mt to finally close at USD 19,699/mt, down USD 51/mt from the previous trading day, with the lowest price at USD 19,450/mt and the highest at USD 19,750/mt. Daily trading volumes were up 119 lots to 244 lots, while positions fell by 177 lots to 19,053 lots. LME tin inventories were down 30 mt to 12,045 mt.
LME base metals fluctuated up generally overnight. Speech by Vítor Constâncio, Vice-President of the ECB, eased market concerns, but S&P expressed worries about the Greek exit from the euro zone at the tail of trading, limiting increases in base metals. Market players paid great attention to the upcoming Greek election, and should remain cautious and stay out of the market before any results.
On Wednesday, tin prices in China’s domestic market are expected to be RMB 151,500-152,500/mt.