SHANGHAI, Oct. 18 (SMM) – LME tin prices overnight opened at USD 23,150/mt, with the high end of the price range USD 23,150/mt, and finding support at USD 22,600/mt. Finally, LME nickel prices closed at USD 22,700/mt, down USD 400/mt from the previous trading day. Trading volumes increased by 123 lots, to 438 lots, and total positions increased by 161 lots, to 20,935 lots. Inventories remained grew by 105 mt, to 12,885 mt.

LME tin prices overnight fell to as low as USD 22,600/mt and closed at USD 22,700/mt, down USD 400/mt. Although US reached an agreement on the debt ceiling issue to avert a possible default, it was reported Fitch will downgrade US sovereign debt rating, and China’s rating agency Dagong downgraded US credit rating from A, to A-, with outlook negative. Investors remained cautious prior to the release of major economic data, fearing the two-week US government shutdown will do harm to economy.

LME tin prices will fall below USD 22,700/mt today, and spot prices in Shanghai should move between RMB 147,000-151,500/mt.