SHANGHAI, Jan. 18 (SMM) -- LME tin for delivery in three months opened at USD 24,950/mt and closed at USD 24,956/mt overnight, down by USD 39/mt from a day earlier, with the highest price at USD 25,250/mt and the lowest price at USD 24,777/mt. Daily trading volumes were 345 lots, up by 142 lots. Positions were 23,084 lots, up by 76 lots from a day earlier. LME tin inventories were 12,860 mt, up 60 mt from a day earlier.
LME tin prices fell during the Asian trading hours, but surged to hit a high at USD 25,250/mt during the European trading hours. At the tail of the trading, LME tin prices fell to close at USD 24,956/mt, down USD 39/mt from a day earlier.
During the Asian trading hours, the Shanghai Composite Index fell below 2300 points, down over 1% from a day earlier. The sluggish Asian stock market weighed down base metal prices, with LME tin prices fluctuating around USD 17,400/mt.During the European and US trading hours, the US initial jobless claim fell to 5-year low, and the earning reports from major companies were positive, pushing up US equity markets. In response, LME tin prices advanced to close at USD 17,600/mt, up USD 195/mt from a day earlier.
According to the US Department of Labor, last week’s initial jobless claim fell by 37,000 to seasonably-adjusted 335,000, the lowest since January 2008.However, the long-term jobless claim advanced by 87,000 to 3.21 million. In addition, the US new housing starts for December rose by 12.1% to 954,000 units, the highest since June 2008.Monthly average of new housing start for 2012 was 780,000 units, far higher than 608,000 units in 2011. However, the Philadelphia Fed fell from positive to negative 5.8, faro below economists’ expectation.
China will announce a slow of economic data on Friday, which will greatly affect base metal price movement.
On overseas earnings front, the Standard and Poor’s 500 Index rose 0.56% to 1480.93 points, highest in 5 years. The New York crude oil futures price rose 1.3% to USD 95.49/bareel. LME base metal prices closed with gains.
SMM expects that LME tin prices will move between USD 25,000-25,200/mt and Shanghai tin spot prices will move between RMB 160,000-162,500/mt on Friday.