SHANGHAI, Oct. 16 (SMM) – LME tin prices overnight opened at USD 23,240/mt, with the high end of the price range USD 23,315/mt, and finding support at USD 22,850/mt. Finally, LME nickel prices closed at USD 23,006/mt, down USD 344/mt from the previous trading day. Trading volumes increased by 122 lots, to 383 lots, and total positions decreased by 199 lots, to 21,253 lots. Inventories remained flat at 12,780 mt.
LME tin prices leveled out during Asian trading hours, and plunged to USD 22,850/mt during European trading, closing at USD 23,006/mt, down USD 344/mt. The US dollar index strengthened on Tuesday as the Senate is expected to reach an agreement on the US debt ceiling issue to avert US default.
LME tin prices will slide to USD 23,000/mt today, and will find support at USD 22,700/mt, and spot prices in Shanghai should move between RMB 149,500-153,500/mt.