SHANGHAI, Oct. 17 (SMM) – LME tin prices overnight opened at USD 23,193/mt, with the high end of the price range USD 23,240/mt, and finding support at USD 22,605/mt. Finally, LME nickel prices closed at USD 23,100/mt, up USD 94/mt from the previous trading day. Trading volumes decreased by 68 lots, to 315 lots, and total positions decreased by 479 lots, to 20,774 lots. Inventories remained flat at 12,780 mt.
LME tin prices fell to USD 23,000/mt during Asian trading hours, and plunged to USD 22,605/mt during European trading. As US Senate leader reached an agreement on the provisional debt ceiling hike and budget issue, LME tin prices gained back some losses, closing at USD 23,100/mt, up USD 94/mt.
LME tin prices will attempt to break through USD 23,300/mt today, and spot prices in Shanghai should move between RMB 149,000-152,500/mt.