SHANGHAI, Oct. 22 (SMM) – LME tin prices overnight opened at USD 22,700/mt, with the high end of the price range USD 22,995/mt, and finding support at USD 22,700/mt. Finally, LME nickel prices closed at USD 22,873/mt, up USD 173/mt from the previous trading day. Trading volumes decreased by 179 lots, to 179 lots, and total positions decreased by 1 lots, to 21,111 lots. Inventories grew by 75 mt, to 13,010 mt.
LME tin prices overnight moved steadily during Asian trading, but rising to USD 22,995/mt during European hours, then leveling out and closing at USD 22,873/mt, up USD 173/mt. China’s Q3 GDP was upbeat, but concerns over US economy refrained price gains. US existing home sales dropped in September, while price gains hit a five-month low, which is a result of rising mortgage interest rates, weighing on market sentiment.
LME tin prices will find support from USD 22,600/mt today but meet resistance at USD 23,000/mt, and spot prices in Shanghai should move between RMB 146,500-151,000/mt.