SHANGHAI, Jun. 7 (SMM) – LME tin prices overnight opened at USD 21,025/mt, with the high end of the price range USD 21,093/mt, and finding support at USD 20,870/mt. Finally, LME tin prices closed at USD 20,950/mt, down USD 100/mt. Trading volumes decreased by 29 lots, to 218 lots, and total position increased by 223 lots, to 21,040 lots. Inventories grew by 150 mt, to 14,235 mt.
LME tin prices overnight inched down, fluctuating around USD 21,000/mt, and closing at USD 20,950/mt, down USD 100/mt. The number of US initial jobless claims in May and ISM non-manufacturing employment figures both fell short of expectations, spurring concerns over US non-farm employment figures due to be released today, and pushing down base metals prices. Bank of UK announced it will maintain its benchmark rate in June unchanged, in compliance with market expectations. European central bank lowered its economic growth forecast in 2013 from a 0.5% decline to a shrink of 0.6% due to economic concerns.
LME tin prices will test support from at USD 20,800/mt today, and spot prices in Shanghai should move between RMB 142,000-145,000/mt.