SHANGHAI, Jul. 5 (SMM) – LME tin prices opened at USD 19,001/mt overnight and closed down USD 99/mt from the previous trading day to USD 19,101/mt, with an intraday high at USD 19,200/mt and the lowest price at USD 19,001/mt. Daily trading volumes were down 679 lots to 107 lots, and positions rose 15 lots to 19,473 lots. LME tin inventories were 12,580 mt, down 10 mt.
Base metals were weighed down by the mixed economic data in Europe. The Euro zone May retail sales edged up 0.6% MoM, outpacing market expectations, but down on yearly basis. According to French revised 2012 budget, the country’s projected GDP growth in 2012 was revised down to 0.3% from 0.7% expected previously, with inflation rate expected at 1.9%. Besides, service sector PMI for several European countries was also reported mixed, with service sector PMI for Euro zone, France and Italy all revised up, but the PMI in Germany showed contraction and service sector PMI in Britain presented the slowest growth in eight months. In this context, caution still remained in the market. US markets were closed due to the Independence Day, market awaited the decision on interest rate to be released by the ECB and the Bank of England and remained cautious before the release.
In China’s domestic markets, spot tin prices should be between RMB 147,500-148,500/mt on Thursday.