SHANGHAI, Oct. 22 (SMM) -- LME tin for delivery in three months opened at USD 21,700/mt and closed at USD 21,438/mt overnight, down by USD 332/mt from a day earlier, with the highest price at USD 21,742/mt and the lowest price at USD 21,250/mt. Daily trading volumes were 241 lots, down by 204 lots. Positions were 22,407 lots, up by 324 lots from a day earlier. LME tin inventories were 11,615 mt, up 35 mt from a day earlier.
LME tin prices slipped last Friday on stronger US dollar and concern over global economy. The EU summit did not come with significant progress, and the US housing sales for September were also down, weighing on base metal prices. LME tin prices fell to find support at 5-30 day moving average, and closed USD 332/mt lower from a day earlier.
LME base metal prices were largely closed with losses last Friday, with LME copper and aluminum prices slipping by over 2%, which was mainly due to disappointing result from the EU summit. The summit focused on the establishment of uniform mechanisms for the Eurozone including the proposed European banking union, but failed to come up with solutions to the ongoing Greek and Spanish debt crisis.
Market focus will shift to the Fed interest rate meeting result and the US GDP for Q3. It is expected that LME tin prices will continue to test support at 5-30 day moving average, and Shanghai spot tin prices will fall to RMB 151,500-155,000/mt on Monday.