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SMM Tin Market Morning Review (2013-3-15)
Mar 15,2013 10:10CST
price review forecast
SMM expects that LME tin prices will continue to test USD 24,000/mt and Shanghai tin spot prices will move between RMB 154,000-157,000/mt on Friday.

SHANGHAI, Mar. 15 (SMM) -- LME tin for delivery in three months opened at USD 23,910/mt and closed at USD 24,985/mt overnight, up by USD 10/mt from a day earlier, with the highest price at USD 25,010/mt and the lowest price at USD 23,880/mt. Daily trading volumes were 137 lots, down by 109 lots. Positions were 21,348 lots, up by 341 lots from a day earlier. LME tin inventories were 13,760 mt, up 120 mt from a day earlier.

Last week’s initial jobless claim fell, boosting the US to 7-month high, which weighed down base metal prices. LME tin prices fluctuated narrowly around USD 24,000/mt, and closed at USD 23,985/mt overnight, up USD 10/mt from a day ago, with resistance still felt at USD 24,000/mt.

Upbeat economic data boosted the US equity market overnight. The monthly rate of retail sales data for February was 1.1%, far higher than 0.5% expected, rising for the fourth consecutive month and the highest since September 2012, evidencing that the US economy is under recovery. The adjusted seasonally rate of PPI for September rose by 0.7%, beating down market expectation.

The euro zone, however, presented a totally different picture. The payrolls in the Q4 2012 fell to the lowest in seven years, suggesting the financial crisis in the euro zone gave a heavy blow on economic development in the euro zone and also pressuring leaders' austerity measure.

The new president of Japan’s central bank will support for ultra-loose monetary policy. According to report, last week’s capital flowing to Japans stock market hit USD 10.5 billion, the largest since 1982, which pushed the Nikkei index up 1.2%. In China, the Minister of Housing and Urban-Rural Development said that a new round of housing regulation will be strictly implemented and China’s housing prices will definitely fell.

The US dollar fell after hitting a 7-month high at 83.166 overnight. The US stock market rallied, with the Dow Jones Industrial Average rising for the 10th consecutive month. Asian stock market largely advanced, and most LME base metal prices closed with gains.

Close attention should be paid to consumer price index, US the New York Fed manufacture index, industrial output and University of Michigan consumer-sentiment index. SMM expects that LME tin prices will continue to test USD 24,000/mt and Shanghai tin spot prices will move between RMB 154,000-157,000/mt on Friday.

LME tin price
Shanghai tin spot price

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