SHANGHAI, Jun. 18 (SMM) – The US economic data was reported worse than expected, adding to market speculations on the implementation of further stimulus policies. Meanwhile, the Greek election suggested a Greek exit from the Euro zone was not likely. LME tin prices opened at USD 19,450/mt in electronic trading and fluctuated narrowly last Friday, to finally end at USD 19,505/mt, up USD 55/mt from the previous trading day, with the lowest price at USD 19,450/mt and highest at USD 19,750/mt. Daily trading volumes were up 89 lots to 249 lots, while positions were down 53 lots to 19,613 lots. LME tin inventories increased by 65 mt to 12,180 mt.
The much concerned Greek general election was held on June 17 as scheduled. The exit polls indicated Greece’s New Democracy party who gained 31.1% of the vote will get another chance to form a government. Since the New Democracy party in support of the bailout plan and austerity measure won the election and was expected to be able to form a coalition government, market fears for a Greek exit and default were eased, boosting base metals prices.
In China’s domestic market, tin prices are expected to be RMB 149,500-151,500/mt on Monday.