SHANGHAI, Jan. 8 (SMM) – LME tin for delivery in three months opened at USD 23,860/mt and closed at USD 24,050/mt, up USD 250/mt from a day earlier, with intraday high at USD 24,125/mt and the low at USD 23,550/mt.Daily trading volumes were 273 lots, up 24 lots. Positions were 22,247 lots, down 248 lots. LME tin inventories were 12,655 mt, flat from a day earlier.
LME base metal prices were weighed down due to US index hike during the Asian trading hours, but LME tin prices were relatively resilient and hold stable around 5-day moving average. During the European trading hours, LME advanced and closed at USD 24,050/mt, up USD 250/mt from a day earlier.
On the macroeconomic front, the US will not release significant economic data on Tuesday. According to Janet Yellen, vice-chairman of the the Federal Reserve Board, the US monetary policy tool may be adjusted. According to data from euro zone, PPI for November fell 0.2% MoM, while previous expectation was down 0.1%, which was dragged down by energy price. Japan’s monetary base annual rate was up 11.8% in December, higher than 5.0% in November. After seasonal adjustment, Japan’s monetary base monthly rate surged by 39% in December, but fell by 13.3% in November.
China’s Commerce Department released that sales of home appliances in rural areas hit 80 million units, and sales revenue totaled RMB 214.5 billion, up 22.6% YoY and up 18.8% YoY respectively. With regard to new loans, China’s new loans for November are expected of RMB 550 billion, and the highest volume for the year was RMB 650 billion, and the new loans for November was RMB 522.9 billion. The recently-held central economic work conference emphasized that loans scale should be expanded in 2013.
LME tin is the only base metal closed with gains overnight, and many continue to advance on Tuesday. In the Shanghai tin spot market, spot tin prices may advance to move between RMB 156,000-159,000/mt due to reduced supply of low-priced goods.