SHANGHAI, Oct. 24 (SMM) – LME tin prices overnight opened at USD 23,298/mt, with the high end of the price range USD 23,298/mt, and finding support at USD 22,702/mt. Finally, LME nickel prices closed at USD 22,720/mt, down USD 485/mt from the previous trading day. Trading volumes decreased by 127 lots, to 289 lots, and total positions decreased by 207 lots, to 20,778 lots. Inventories remained flat at 13,060 mt.
LME tin prices overnight continued to drop, dipping to USD 22,702/mt, and closing at USD 22,720/mt, down USD 485/mt. Asian stocks fell yesterday. China’s interest rates jumped, but China’s central bank did not intervene, which triggered concerns that Chinese government may restrict loans. It was reported that non-performing loan write-down of some large banks in China will increase two times, and short-term monetary interest rates soared due to policy worries. European Central Bank plan to inspect 128 large banks in the euro zone to increase transparency of the financial sector, which depressed market sentiment.
LME tin prices will continue to fall and test support at USD 22,300/mt today, and spot prices in Shanghai should move between RMB 146,500-151,000/mt.