SHANGHAI, Oct. 9 (SMM) – LME tin prices overnight opened at USD 23,553/mt, with the high end of the price range USD 23,850/mt, and finding support at USD 23,370/mt. Finally, LME nickel prices closed at USD 23,530/mt, down USD 165/mt from the previous trading day. Trading volumes increased by 11 lots, to 270 lots, and total positions increased by 1,161 lots, to 20,685 lots. Inventories fell by 150 mt from the previous day to 13,045 mt.
LME tin prices rose slightly after opening due to expanding China's service data, but plummeted to USD 23,370/mt at one time later the day, closing at USD 23,530/mt, down USD 165/mt. base metals prices found some support after the Chinese National Day holiday, but the US government shutdown weighed the market.
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 151,000-154,000/mt.