SHANGHAI, Oct. 10 (SMM) – LME tin prices overnight opened at USD 23,305/mt, with the high end of the price range USD 23,640/mt, and finding support at USD 23,300/mt. Finally, LME nickel prices closed at USD 23,405/mt, down USD 125/mt from the previous trading day. Trading volumes decreased by 154 lots, to 116 lots, and total positions increased by 169 lots, to 20,854 lots. Inventories fell by 210 mt from the previous day to 12,835 mt.
LME tin prices opened low but moved higher. The likelihood that the US Federal Reserve may scale back QE3 this year pushed down base metals prices. LME tin prices plummeted to USD 23,300/mt, and closing at USD 23,405/mt, down USD 125/mt. US President Obama will nominate Janet Yellen as the next head of US Federal Reserve, and hinted he will accept short-term debt limit hike on Tuesday to avoid default.
LME tin prices will test support at USD 23,200/mt, and spot prices in Shanghai should move between RMB 151,500-154,500/mt.