SHANGHAI, Nov. 6 (SMM) – LME tin prices overnight opened at USD 22,890/mt, with the high end of the price range USD 23,000/mt, and finding support at USD 22,700/mt. Finally, LME nickel prices closed at USD 22,803/mt, up USD 153/mt from the previous trading day. Trading volumes increased by 47 lots, to 327 lots, and total positions increased by 264 lots, to 20,128 lots. Inventories fell by 125 mt, to 12,120 mt.
LME tin prices overnight mainly hovered between USD 22,700-23,000/mt, and closing at USD 22,803/mt, up USD 153/mt. Investors were awaiting the release of US non-farm employment data and the Third Plenary Session of the CPC Central Committee. Global manufacturing activities grew at its fastest pace in October; HSBC’s October PMI for China rose slightly to 52.6; US October manufacturing index also topped expectations, but these positive data did not boost base metals prices significantly.
LME tin prices will move between USD 22,600-23,000/mt. Spot prices in Shanghai should move between RMB 144,000-148,000/mt.