SHANGHAI, Jan. 11 (SMM) – LME tin for delivery in three months opened at USD 24,500/mt and closed at USD 24,570/mt, up USD 170/mt from a day earlier, with intraday high at USD 24,850/mt and the low at USD 24,475/mt.Daily trading volumes were 334 lots, down 132 lots. Positions were 23,706 lots, up 600 lots. LME tin inventories were 12,700 mt, down 5 mt from a day earlier.
European Central Bank (ECB) President Mario Draghi's comments on euro zone's economic prospects after a policy-making conference Thursday also added to positive mood. Draghi said that weakness in the currency block is expected to continue into 2013, but economic activity should gradually recover later in the year. ECB also left its key interest rate unchanged at a record low of 0.75 percent at the meeting. The Bank of England also kept interest rate unchanged at 0.5%, and remained its assets purchasing plan.
U.S. initial weekly jobless claims rose a modest 4,000 to 371, 000 in the week ending Jan. 5, but continuing claims -- those drawn by workers for more than a week -- dropped to the lowest level since 2008, according to data released by the U.S. Labor Department.In addition, the US President Obama nominated Jack Lew as candidate for the 76th Minister of Finance.
In China, China’s central bank conducted revere repos operation again on Thursday. Meanwhile, China’s new loans for December were RMB 454.3 billion, the lowest since January 2010. China’s imports and exports for December both hit historical high in December 2012. Imports and exports for Q4 continued to rebound, and growth in imports and exports also rebounded from 3Q.
In overseas markets, the S&P 500 index hit 5-year high, and crude prices also grew 0.8% at USD 93.82/barrel. The US dollar index fell.
Technical indicators suggest overbuying, and may meet resistance to advance. In the Shanghai tin spot market, unimproved demand will restrict spot tin prices to move between RMB 158,500-161,500/mt on Friday.