SHANGHAI, Jun. 15 (SMM) – LME tin prices overnight opened at USD 19,550/mt in electronic trading and fell due to the weak US economic data. Later, it was reported major central banks are preparing coordinated action to provide liquidity if the outcome of Greek election this weekend turns out bad. In response, LME tin prices regained some earlier losses and touched an intraday high of USD 19,600/mt to finally end at USD 19,450/mt, down USD 50/mt from the previous trading day, with the lowest price at USD 19,402/mt. Daily trading volumes were up 46 lots to 160 lots, while positions were up 424 lots to 19,666 lots. LME tin inventories increased by 70 mt to 12,115 mt.
LME base metals continued fluctuating overnight, and market remained cautious. Besides, signs showed that the Greece’s left wing party agreed to negotiate with EU, abating risks of extreme events. The US Department of Commerce reported the May retail sales were down 0.2% from a month ago, and PPI for May was down 1.0%, depressing market mood. This may force the Fed to adopt stimulus package during the monetary policy meeting scheduled for next Monday.
In China’s domestic market, tin prices are expected to be RMB 150,500-152,000/mt on Friday.