SHANGHAI, Jun. 13 (SMM) – LME tin prices overnight opened at USD 20,699/mt, with the high end of the price range USD 20,699/mt, and finding support at USD 20,230/mt. Finally, LME tin prices closed at USD 20,380/mt, down USD 220/mt. Trading volumes increased by 176 lots, to 502 lots, and total position decreased by 192 lots, to 21,097 lots. Inventories fell by 10 mt, to 14,495 mt.
US non-farm employment data released last Friday was positive, increasing market concerns that the US Federal Reserve will scale back QE3. Data from China and the euro zone was mostly sluggish, pushing down the US dollar index to 80.
LME tin prices will test USD 19,500/mt today, and spot prices in Shanghai should move between RMB 141,000-144,000/mt.