SHANGHAI, Apr. 25 (SMM)-LME tin market last Friday opened at USD 20,650/mt, with the highest and lowest level of USD 21,100/mt and USD 20,650/mt, respectively. Finally, LME tin market closed at USD 20,770/mt, up USD 170/mt from a day earlier. Trading volumes were 507 lots, up 270 lots. Positions were 20,538 lots, up 137 lots. Inventories were down 150 mt to 14,245 mt.
During Asian trading hours, Chinese stock markets strengthened, and SHFE metals market advanced across the board. As a result, LME tin rallied after opening, and climbed above the 5-day moving averages after stagnating at the market for nearly two weeks, briefly reaching USD 21,100/mt. During European trading hours, the US durable goods orders for March slumped 5.7%, the largest decline in seven months. The disappointing data hit the market, and LME tin surrendered some earlier gains, and finally closed at USD 20,770/mt, up USD 170/mt.
The results of German IFO climate index and the US March durable goods orders were both weaker than market expectations. LME tin market finished higher, but trading volumes staged no significant increases, a sign of weak market confidence. SMM expects LME tin to hold firm, and domestic tin spot prices to move between RMB 142,000-144,500/mt on Thursday.