SHANGHAI, Oct. 29 (SMM) -- LME tin for delivery in three months opened at USD 20,351/mt and closed at USD 19,715/mt overnight, down by USD 580/mt from a day earlier, with the intraday high at USD 20,400/mt and the low at USD 19,715/mt. Daily trading volumes were 263 lots, up by 119 lots. Positions were 19,210 lots, up by 120 lots from a day earlier. LME tin inventories were 11750 mt, down 10 mt.
LME tin prices stumbled last Friday. LME tin prices movement was relatively stable during the Asian trading hours. However, even the better GDP from the US failed to lend support for LME tin prices. During the European and US trading hours, LME tin prices hit a two-month low at USD 19,715/mt and lost support at 60-day moving average. Finally, LME tin prices closed at USD 19,820/mt, down USD 580/mt from a day earlier.
LME base metal prices were largely on downward track last Friday, as market concerned that Greece may fail to materialize financial cut plan. Meanwhile, Greek political uncertainties dampened investors’ confidence. Further, weak economic data from the euro zone and Spanish’s uncertain over financial aid exacerbated market concern. Last Friday, the US announced better-than-expected GDP growth for Q2 at 2.0%. Meanwhile, consumer spending and housing expenditure growth also supported base metal prices.
The US will announce non-farm employment data this Friday. LME tin prices loose support at 60-day moving average and shall test support at USD 19,400/mt. The strengthened US dollar index will continue to weigh on LME tin prices. In the Shanghai tin spot market, spot tin prices will move in the RMB 147,000-150,000/mt on Monday.