SHANGHAI, Oct. 30 (SMM) – LME tin prices overnight opened at USD 23,219/mt, with the high end of the price range USD 23,270/mt, and finding support at USD 22,940/mt. Finally, LME tin prices closed at USD 23,020/mt, down USD 208/mt from the previous trading day. Trading volumes decreased by 75 lots, to 190 lots, and total positions increased by 268 lots, to 20,439 lots. Inventories fell by 40 mt, to 12,900 mt.
LME tin prices hovered around USD 23,200/mt, and finally closed at USD 23,020/mt, down USD 208/mt. Investors were awaiting the result of the Fed’s policy meeting, expecting that the Fed will maintain its USD 85 billion monthly assets purchasing program unchanged. Most market players believe the Fed will delay QE3 wind-down to next March. US October CCI fell sharply.
LME tin prices will meet resistance at USD 23,300/mt and find support at USD 22,600/mt today. Spot prices in Shanghai should move between RMB 147,000-151,000/mt.