SHANGHAI, Nov. 1 (SMM) – LME tin prices overnight opened at USD 23,150/mt, with the high end of the price range USD 23,150/mt, and finding support at USD 22,700/mt. Finally, LME nickel prices closed at USD 22,700/mt, down USD 400/mt from the previous trading day. Trading volumes increased by 144 lots, to 331 lots, and total positions decreased by 415 lots, to 19,815 lots. Inventories fell by 5 mt, to 12,890 mt.
LME tin prices generally moved steadily during Asian trading hours but inched down during European trading hours, and closing at USD 22,700/mt, down USD 400/mt. Chicago's October PMI was 65.9, the highest since March 2011, compared to the 55.0 expected. That shows activities in the manufacturing improved, and triggered concerns that the Fed will scale back stimulus policies soon, pushing up the US dollar index.
US ISM's October manufacturing index will be released today. LME tin prices will test support from the 60-day moving average, and will test USD 22,000/mt should prices fall below that level. Spot prices in Shanghai should move between RMB 145,500-149,500/mt.