SHANGHAI, Oct. 14 (SMM) – LME tin prices overnight opened at USD 23,490/mt, with the high end of the price range USD 23,599/mt, and finding support at USD 23,300/mt. Finally, LME nickel prices closed at USD 23,440/mt, up USD 100/mt from the previous trading day. Trading volumes increased by 31 lots, to 178 lots, and total positions increased by 180 lots, to 20,662 lots. Inventories fell 5 mt, to 12,830 mt.
Weakening US dollar index and productive negotiation on US budget plan lent support to base metal prices. The LME week closed last Friday in London, and Barclay reported "the LME week lacked confidence”.
Investors were depressed due to US budget negotiation deadlock. China’s September PPI and CCI will be released today, which are optimistic and will give some support to base metals prices. LME tin prices are expected to level out today, and spot prices in Shanghai should move between RMB 151,000-154,500/mt.