SHANGHAI, Oct. 28 (SMM) – LME tin prices overnight opened at USD 22,948/mt, with the high end of the price range USD 23,201/mt, and finding support at USD 22,750/mt. Finally, LME nickel prices closed at USD 23,125/mt, up USD 240/mt from the previous trading day. Trading volumes decreased by 10 lots, to 152 lots, and total positions increased by 66 lots, to 20,755 lots. Inventories grew remained unchanged at 13,110 mt.
LME tin prices last week fell slightly during Asian trading hours but edged up during European trading hours. Especially University of Michigan's October CCI fell short of expectations, triggering speculations that the Fed will delay QE3 wind-down, and pushing up LME tin prices to hit USD 23,201/mt and closing at USD 23,125/mt, up USD 240/mt. US durable goods orders in September rose 3.7% on the month, topping market expectations, and triggering expectations that metal demand from industries will strengthen.
LME tin prices will test support at USD 22,600/mt today, and met resistance at USD 23,300/mt. Spot prices in Shanghai should move between RMB 147,000-151,000/mt.