SHANGHAI, Oct. 8 (SMM) – LME tin prices overnight opened at USD 23,715/mt, with the high end of the price range USD 23,820/mt, and finding support at USD 23,322/mt. Finally, LME nickel prices closed at USD 23,695/mt, down USD 5/mt from the previous trading day. Trading volumes decreased by 606 lots, to 259 lots, and total positions decreased by 108 lots, to 19,524 lots. Inventories remained flat at the previous day.
Base metals prices were pushed down due to increasing risk aversion resulting from the closure of US government during Chinese National Day holiday. LME tin prices rose by USD 925/mt September 27, but leveled out last Monday. A large number of shorts left the market as US new home sales and durable goods orders increased, but any gains were limited.
LME tin prices will still feel resistance at 24,000/mt, but find support at USD 23,200/mt, and spot prices in Shanghai should move between RMB 150,000-152,000/mt.