SHANGHAI, Jun. 29 (SMM) – Although it was reported EU officials have agreed to the EUR 120 billion package including a EUR 10 billion capital increase for the European Investment Bank, LME tin prices were still under downward pressures due to a lack of actual positive news. LME tin prices opened at USD 18,580/mt overnight and closed down USD 25/mt from the previous trading day to USD 18,600/mt, with an intraday high of USD 18,800/mt and a low of USD 18,550/mt. Daily trading volumes were up 68 lots to 211 lots, and positions fell 62 lots to 18,900 lots. LME tin inventories remained unchanged at 12,240 mt.
On Thursday, LME base metals fluctuated down and the US dollar index was favored as safe haven, but the decline in metals were limited due to some favorable signals from the EU summit. Merkel said it was possible to use EFSF and ESM to buy Spanish and Italian government bonds in the primary market. Beside, it was reported EU officials have agreed to a EUR 120 billion plan. However, the rates on Italy’s 5-year and 10-year government bonds surged to six month high during the recent bond sales, casting a shadow over the EU summit.
On Friday, China’s domestic tin prices should be between RMB 146,300-148,500/mt.