SHANGHAI, Jul. 19 (SMM) – LME tin prices overnight opened at USD 19,455/mt, with the high end of the price range USD 19,539/mt, and finding support at USD 19,350/mt. Finally, LME tin prices closed at USD 19,535/mt, up USD 35/mt. Trading volumes decreased by 85 lots, to 110 lots, and total position decreased by 275 lots, to 19,295 lots. Inventories fell by 60 mt, to 14,245 mt.
LME tin prices overnight continued to fluctuate between the 5 and 10-day moving average. US Fed Chairman Ben Bernanke reiterated the Fed will not scale back assets purchasing until the job market continues to improve. The number of US initial jobless claims for the latest week decreased, and manufacturing activities in central US expanded in July, inspiring market sentiment.
LME tin prices will continue to hover around USD 19,500/mt today, and spot prices in Shanghai should move between RMB 137,000-138,500/mt.