SHANGHAI, Oct. 23 (SMM) – LME tin prices overnight opened at USD 22,960/mt, with the high end of the price range USD 23,450/mt, and finding support at USD 22,851/mt. Finally, LME nickel prices closed at USD 23,205/mt, up USD 332/mt from the previous trading day. Trading volumes increased by 23 lots, to 416 lots, and total positions decreased by 126 lots, to 20,985 lots. Inventories grew by 50 mt, to 13,060 mt.
The number of US non-farm employment only increased 148,000, lower than the 180,000 expected, which triggered market speculations that the Fed may maintain stimulus policies. LME tin prices overnight rose to USD 23,450/mt, but pulled down slightly at the end of trading, closing at USD 23,205/mt, up USD 332/mt. data from US construction sector in August were stronger than expected, while July data was also revised upwardly, which fueled market expectations that industry metal demand in the country will improve.
LME tin prices will meet resistance at USD 23,500/mt today, and spot prices in Shanghai should move between RMB 147,000-150,500/mt.