SHANGHAI, Jan. 29 (SMM) -- LME tin for delivery in three months opened at USD 24,709/mt and closed at USD 24,350/mt overnight, down by USD 294/mt from a day earlier, with the highest price at USD 24,780/mt and the lowest price at USD 24,205/mt. Daily trading volumes were 338 lots, down by 114 lots. Positions were 23,302 lots, up by 380 lots from a day earlier. LME tin inventories were down by 160 mt to 13,035 mt.
LME tin prices fell all the way to hit a low at USD 24,205/mt, but advanced to close at USD 24,350/mt, down USD 294/mt from a day earlier.
The Fitch said that the extending of US debt ceiling eased risk of US AAA credit rating in the short term, but may adjust credit outlook from negative into stable due to US deficit cutting plan. Fitch later expects that the US economic growth may be 2.8% in 2014.Shinzo Abe, Japan's prime minister said at his first policy speech that Japan would set the economy boost as the priority in 2013, and expected that Japan's economic growth would be 2.5% in 2013.
The US Department of Commerce revealed that durable goods orders for December were higher than market expectation. It was reported that the US durable goods for December rose by 4.6%, higher than 1.0% expected and initial reading of 0.8%. However, the US pending housing sales for December was 6.9%, far below 12.5% expected and previous reading of 9.8%.
LME base metal performance was mixed, the euro and US dollar index both fluctuated narrowly. The US stock markets were mixed, while China's Shanghai Composite Index rose by 2.41% to hit 8 month high.
LME tin prices fell below 20-day moving average and may fall further, but will find support at USD 23,800/mt. In China’s tin spot market, the LME tin price decline may weigh spot tin prices to move between RMB 157,500-160,500/mt on Tuesday.