SHANGHAI, Jul. 24 (SMM) – LME tin prices opened at USD 18,760/mt overnight and closed at USD 18,296/mt, down USD 604/mt from the previous trading day, with the intraday high at USD 18,760/mt, and a low of USD 18,050/mt. Daily trading volumes rose 351 lots to 514 lots, and positions were down 198 lots to 19,462 lots. LME tin inventories were up 5 mt to 11,720 mt.
On July 24, Spain’s bond yields surged to new historical high due to reports that Spain will apply for a full bailout, driving the US dollar index up. Murcia, a city in Southeast Spain asked for fiscal aids from the central government following the Valencia, pushing the country’s 10-year bond yield to climb above 7%. Market players feared Spain will be the fourth country to seek for a full bailout in the euro zone, adding to risk aversion and leading to slump in global stocks and commodities. Market will focus on China’s July PMI to be released July 24, the data will be one of the signals reflecting China’s economic prospects.
In China’s domestic markets, spot tin prices should remain between RMB 146,000-147,500/mt on July 24.