SHANGHAI, Oct. 11 (SMM) – LME tin prices overnight opened at USD 23,426/mt, with the high end of the price range USD 23,510/mt, and finding support at USD 23,300/mt. Finally, LME nickel prices closed at USD 23,340/mt, down USD 65/mt from the previous trading day. Trading volumes increased by 31 lots, to 147 lots, and total positions decreased by 372 lots, to 20,482 lots. Inventories remained at 12,835 mt.
Global stocks and US dollar index were pushed up as US government will reopen and due to a likelihood that an agreement on the US debt ceiling issue will be reached, weiginbg down LME tin prices between the 5 and 10-day moving average, closing at USD 23,340/mt, down USD 65/mt. The number of US jobless claims last week leapt to a 6-month high due partially to computer disruption in California, but the job market is improving. The growth is also attributable to hundreds of thousands unemployment resulting from US government shutdown.
LME tin prices will test support at USD 23,200/mt, and spot prices in Shanghai should move between RMB 151,000-154,500/mt.