SHANGHAI, Jul. 16 (SMM) – Last Friday, the release of China’s 2Q GDP growth eased market concerns over China’s demand, while Euro rebounded from its two-year low after Italy’s three-year borrowing costs fell at the recent sales. LME tin prices opened at USD 18,500/mt overnight closed at USD 18,750/mt, up USD 249/mt from the previous trading day, with the highest price at USD 18,800/mt and lowest at USD 18,500/mt. Daily trading volumes fell 21 lots to 225 lots, and positions were down 160 lots to 20,720 lots. LME tin inventories were 12,100 mt, down 110 mt.
LME base metal increased significantly last Friday. Data from National Bureau of Statistics showed China’s GDP growth in 2Q was 7.6% YoY, presenting a three year low, the sixth consecutive quarter of slowing growth. GDP in the first half of this year was up 7.8% YoY, lower than a year earlier. However, the data was within expectations, market predicts that the central bank may adopt stimulus plan to boost economic growth. As such, commodity futures increased, but market players were still cautious due to the unresolved European debt issue.
In China’s domestic markets, spot tin prices should be between RMB 146,500-148,500/mt on Monday.
