SHANGHAI, Jan. 15 (SMM) -- LME tin for delivery in three months opened at USD 24,925/mt and closed at USD 24,655/mt last Friday, down by USD 270/mt from a day earlier, with the highest price at USD 25,100/mt and the lowest price at USD 24,655/mt. Daily trading volumes were 276 lots, down 152 lots. Positions were 24,094 lots, up by 180 lots from a day earlier. LME tin inventories were 12,700 mt, unchanged from a day earlier.
LME tin prices initially advanced but later declined overnight. During the Asian trading hours, LME tin prices advanced on weak US dollar, but fell to close at USD 24,655/mt during the European trading hours, down USD 270/mt from a day earlier.
The Fed Reserve Chairman Ben Bernoneke said the debt purchase plan will not result in high inflation and assets bubble, and it is not appropriate to hike interest rate yet. Meanwhile, the US President Obama said on Monday that market will become out of control if the debt upper limit is not hiked.
Despite economic growth in Germany, Italy and Spain still weighed on euro zone industrial output down in November. According to data from Eurostat, industrial output for November fell 0.3% MoM, lower than an increase by 0.2% expected, down 3.7% YoY.
In other markets, the S&P 500 index fell by 1.37 points, and the US dollar closed slightly down at 79.51. LME base metal prices fell across the board, and Shanghai Composite Index rallied by 3.06%.
SMM expects that LME tin prices will find support at USD 24,000/mt and will meet resistance at USD 25,000/mt. In domestic market, LME tin prices will move between RMB 160,000-162,000/mt on Tuesday.