SHANGHAI, Jan. 21 (SMM) -- LME tin for delivery in three months opened at USD 25,100/mt and closed at USD 25,000/mt last Friday, up by USD 44/mt from a day earlier, with the highest price at USD 25,225/mt and the lowest price at USD 24,900/mt. Daily trading volumes were 150 lots, down 195 lots. Positions were 22,931 lots, down by 153 lots from a day earlier. LME tin inventories were 12,870 mt, up 10 mt from a day earlier.
LME tin prices advanced slightly to hit USD 25,225/mt during the Asian trading hours last Friday. During the European trading hours, however, LME tin prices fell to hit 5-day moving average and closed at USD 25,000/mt, up USD 44/mt from a day earlier.
China’s GDP for 4Q rebounded stably, but market response was moderate. The lower-than-expected consumer confidence index from the US weighed on market sentiment.
It was announced last Friday that the University of Michigan consumer-sentiment index for January was 71.3 points, lower than 75.0 points expected by economists and 72.9 points recorded a year earlier. However, the House of Representatives will vote next week to approve the Fed to raise debt ceiling for three months, which boosted market confidence.
Annualized growth of China’s GDP for 4Q was 7.9%, better than 7.8% expected and previous reading of 7.4%. In addition, China’s annualized retail sales and industrial output for December were both better than expectation. The economic data suggested that China’s economy began to rebound on 4Q, pushing Shanghai Composite Index up by 1% to 2300 points. In response, LME tin prices advanced slightly. However, the University of Michigan consumer-sentiment index for January was lower than expectation, sending the US dollar above 80 and weighing down LME tin prices to close at USD 17,560/mt, down USD 40/mt from a day earlier.
SMM expects that LME tin prices will continue to hover at existing level, and Shanghai tin spot prices will move between RMB 159,500-162,500/mt in the following week.
