Metals News
SMM Tin Market Morning Review (2013-4-23)
price review forecast
Apr 23,2013

SHANGHAI, Apr. 23 (SMM) - LME tin market last Friday opened at USD 20,700/mt, with the highest and lowest level of USD 20,880/mt and USD 20,250/mt, respectively. Finally, LME tin market closed at USD 20,755/mt, down USD 45/mt from a day earlier.  Trading volumes were 198 lots, down 213 lots. Positions were 20, 674 lots, down 35 lots. Inventories were down 60 mt to 14,485 mt.  

Amid the bearish sentiment, LME tin market continued to drop, with prices opening down USD 100/mt at USD 207,00/mt.  During Asian trading hours, LME tin bounced back, but fell back again after touching the 5-day moving averages. During European trading hours, market sentiment was boosted after Italy finally decided to re-elect the current president and as the Spanish 10-year bonds returned 4.5% for the first time since 2010, despite some disappointing economic figures. As a result, LME tin prices regained some losses, and finally closed at USD 20,755/mt, down USD 45/mt from a day earlier. 

No major news was released in overnight market. The earlier news that Italian parliament re-elected the current President Giorgio Napolitano helped briefly boost the market, which to some extent paved the way for the creation of a new coalition government in the country.  As a result, equities both in Italy and Spain registered bigger gains, with Spanish 10-year bonds returning 4.5% for the first time since 2010.

In the US, the National Association of Realtors (NAR) reported that existing home sales fell 0.6% in March to a seasonally adjusted annual rate of 4.92 million, below market expectations of 5 million. Despite March’s decline, sales were up 10.3% from the sale period in the prior year.  Supply in the US existing home market remained tight, and low inventories of existing homes for sale constrained the activity, according to NAR.  

In China, the 7.0-magnatitude earthquake in Ya’an, Sichuan province sent domestic stock down slightly 0.11% on Monday, and all losses were pared at the tail of trading. Economic losses by the earthquake are expected to account for 0.2% of China’s total GDP, and any incentive economic measures for post-holiday reconstructing will be limited. In addition, China’s newly-increased funds outstanding for foreign exchange came in at RMB 236.302 billion in March. The data grew for a fourth consecutive month, and remained high in March, despite down from a record high of RMB 683.7 billion in January, suggesting that economic recovery and the RMB appreciation have increased foreign capital inflows.

In other markets, the US dollar index was off 0.13 to 82.6. The US and European equities markets were mixed, and LME metals market also staged divided performance. 

China is going to release its preliminary manufacturing PMI for April, and some expects the data to fall. But, any negative impact on the LME tin market will be limited, with support at the USD 20,400/mt strong.  In the domestic spot tin market, supply of low-priced gods will remain tight, and prices are expected to edge up, with deals between RMB 141,000-143,000/mt on Tuesday. 


LME tin market
domestic spot tin market
For queries, please contact Frank LIU at
For more information on how to access our research reports, please email
Related Price

No Data