SMM Tin Market Morning Review (2013-10-15)

SHANGHAI, Oct. 15 (SMM) – LME tin prices overnight opened at USD 23,595/mt, with the high end of the price range USD 23,600/mt, and finding support at USD 23,100/mt. Finally, LME nickel prices closed at USD 23,350/mt, down USD 90/mt from the previous trading day. Trading volumes increased by 83 lots, to 261 lots, and total positions increased by 790 lots, to 21,452 lots. Inventories fell 50 mt, to 12,780 mt.

LME tin prices inched down during Asian trading hours, and plunged to USD 23,100/mt during European trading, closing at USD 23,350/mt, down USD 90/mt. Despite China’s trade and inflation data was optimistic, investors were awaiting progress of US debt ceiling issue.

LME tin prices will continue to test support at USD 23,300/mt today, and will test USD 22,700/mt if falling below that level, and spot prices in Shanghai should move between RMB 150,000-154,000/mt.