SHANGHAI, Apr. 11 (SMM) - LME tin market overnight opened at USD 22,900/mt, with the highest and lowest level of USD 23,000/mt and USD 22,850/mt, respectively. Finally, LME tin market closed at USD 22,880/mt, down USD 31/mt from a day earlier. Trading volumes were 118 lots, down 137 lots. Positions were 20,896 lots, up 2 lots. Inventories were down 25 mt to 14,425 mt.
LME tin market overnight fluctuated narrowly for most of time, but moved lower at the tail of trading, and finally ended at USD 22,880/mt, down USD 31/mt from a day earlier. A 30.8% year-on-year drop of China’s copper imports in March dampened market confidence. Besides, the minutes of US Federal Reserve showed mixed views among officials over the time to end QEs, failing to boost market sentiment.
Overnight markets were majorly affected by China's import and export data. China unexpectedly reported trade deficit of USD 880 million in March, much lower than expected levels or the previous month. That is because import volume rose by 14.1% YoY, which is much higher than the 6% expected, but export only grew by 10%, with the figure lower than expected for the first time in 4 months. The upbeat import data was read as a reflection that China's domestic demand improved, boosting global stocks markets. The Standard & Poor's 500 Index hit a record high of 1,589, and the Dow Jones Industrial Average stood at 14,800. But China's copper imports in March sank by 30.8%, and LME copper inventories now continue to climb, weighing down base metals. The US dollar index strengthened slightly after the minute of the US Federal Reserve policy meeting was announced.
In neighbor markets, the US dollar index was up 0.11 to 82.48. The US and European equities markets advanced, and most LME metals closed lower, except lead.
Market focus is now on the US initial jobless claims to be released on Thursday. LME tin market is expected to keep fluctuating at the existing price band, with strong resistance at the USD 23,000/mt mark. LME tin market may come under downward pressures after recent efforts failed to gain. Domestic tin market will move steadily on Thursday, with prices expected to between RMB 148,500-151,000/mt.