SHANGHAI, Jul. 26 (SMM) – LME tin prices opened at USD 17,530/mt overnight and closed at USD 17,300/mt, down USD 305/mt from the previous trading day, with the intraday high at USD 17,800/mt, and a low of USD 17,125/mt. Daily trading volumes fell 207 lots to 469 lots, and positions were down 192 lots to 19,367 lots. LME tin inventories fell 50 mt to 11,670 mt.
LME base metals stopped falling overnight after European Central Bank council member Ewald Nowotny said some members favor granting the ESM a banking license which has been declined by the ECB. France is in favor of the proposal believing that the country may thus gain funds from the ECB at lower borrowing costs and that it will extend the financial firewall for Europe. The proposal is conducive to solving the European debt issues. However, negative news from the euro zone did not come to an end. Moody’s announced to lower the outlook on 17 German banks to negative, saying the move was resulted from the changes in outlook on German sovereign rating.
In China’s domestic markets, spot tin prices should be between RMB 144,000-146,000/mt on July 26.
