SHANGHAI, Jul. 27 (SMM) – LME tin prices opened at USD 17,349/mt overnight and closed at USD 17,749/mt, up USD 449/mt from the previous trading day, with the intraday high at USD 17,840/mt, and a low of USD 17,250/mt. Daily trading volumes fell 139 lots to 469 lots, and positions were up 81 lots to 19,448 lots. LME tin inventories rose 75 mt to 11,745 mt.
On July 26, the European Central Bank’s chief, Mario Draghi, vowed to do whatever it takes to preserve the euro, possibly by intervening in market to bring down government borrowing rates. Draghi’s remark showed that the ECB is ready to intervene in the crises of Spain and Italy at any time. This is the strongest signal by the ECB to preserve the euro zone. After the remark, the US dollar index dropped sharply, and base metals rallied but later gave back some gains due to a lack of actual positive news.
In China’s domestic markets, spot tin prices should be between RMB 143,000-145,000/mt on July 27.