SHANGHAI, Oct. 21 (SMM) – LME tin prices overnight opened at USD 22,743/mt, with the high end of the price range USD 23,000/mt, and finding support at USD 22,606/mt. Finally, LME nickel prices closed at USD 22,700/mt, flat with the previous trading day. Trading volumes decreased by 80 lots, to 358 lots, and total positions increased by 177 lots, to 21,112 lots. Inventories grew by 50 mt, to 12,935 mt.
LME tin prices last Friday continued to drop slightly during Asian trading, but then jumped to USD 23,000/mt during European hours, inching down again and closing flat with last Thursday. China’s Q3 GDP was in line with market expectations and lent some support to the market, but concerns over faster economic growth and US economy weighed on the market.
LME tin prices will continue to test support from USD 22,700/mt today, and spot prices in Shanghai should move between RMB 147,000-151,000/mt.