SHANGHAI, Oct. 30 (SMM) -- LME tin for delivery in three months opened at USD 19,949/mt and closed at USD 19,749/mt overnight, down by USD 71/mt from a day earlier, with the highest price at USD 19,980/mt and the lowest price at USD 19,511/mt. Daily trading volumes were 296 lots, down 415 lots. Positions were 20,691 lots, down by 4 lots from a day earlier. LME tin inventories were 11,750 mt, unchanged from a day earlier.
Cautious sentiment and firm US dollar index weighed on market. In addition, many investors exited market due to typhoon impact. Investors were largely cautious before the US non-farm employment data and the US presidential election. LME tin prices extended losses and closed at USD 19,749/mt, down USD 71/mt from a day earlier.
LME base metal prices closed with losses across the board as persistent European debt crisis continued to dampen market sentiment. According to data released by INE on October 29th, annualized rate of Spanish retail sales for September fell by 11%. Market expected that a slew of important economic data to be released on Tuesday will be disappointing due to austerity plan, including public finance, GPI, and GDPI. What’s more, the previously-released employment data from Spain deteriorated. Investors’ concern over the European debt crisis did not ease, as its credit rating and high employment rating still dampened investors’ concern. Further more, Germany refused debt write-down and Spanish high unemployment rate will send the US dollar higher. Finally, market lacked guidance as US equity market was closed from typhoon impact,
SMM expects LME tin prices will continue to test support at USD 19,500/mt. and Shanghai nickel spot prices will move in the RMB 146,500-149,000/mt range on Tuesday.