SHANGHAI, Jan. 22 (SMM) -- LME tin for delivery in three months opened at USD 24,980/mt and closed at USD 25,030/mt overnight, up by USD 30/mt from a day earlier, with the highest price at USD 25,030/mt and the lowest price at USD 24,950/mt. Daily trading volumes were 63 lots, down 87 lots. Positions were 22,981 lots, up by 50 lots from a day earlier. LME tin inventories were 12,930 mt, up 60 mt from a day earlier.
LME tin prices fluctuated around USD 25,000/mt amid thin trading on Martin Luther King Day, and finally closed at USD 25,030/mt, up USD 30/mt from a day earlier.
The US House of Representatives will vote Wednesday on raising the US debt limit. The US will announce housing sales for December tonight. According to forecasts from economies, annualized new housing sales and existing housing sales for December will rose to 5.49 million units, the highest since November 2009. The historical low mortgage rate, the improving employment market and growing number of families will increase demand for housing.
At the euro zone financial ministers’ meeting on Monday, the financial ministers were supportive for the EUR 9.2 billion support for Greece and the agreement for bailout fund for Cyprus will be signed in March.
The US stock market was closed on Monday on Martin Luther King Day. The US dollar continued to hover. Only LME tin prices slightly advanced, and other base metals all closed with losses on Monday.
SMM expects that LME tin prices may fall as prices fail to break through USD 25,200/mt, but will find support at USD 24,700/mt. In the Shanghai tin spot market, spot tin prices will move between RMB 159,000-162,000/mt on Monday.