SHANGHAI, Nov. 13 (SMM) – LME tin prices overnight opened at USD 22,850/mt, with the high end of the price range USD 22,900/mt, and finding support at USD 22,601/mt. Finally, LME nickel prices closed at USD 22713/mt, down USD 192/mt from the previous trading day. Trading volumes increased by 31 lots, to 164 lots, and total positions increased by 179 lots, to 19,291 lots. Inventories fell by 360 mt, to 11,760 mt.
The Third Plenary Session closed yesterday, and Chinese leadership pledged to release financial and land reform policy and loosen investment regulations, but no positive policy was announced for the nonferrous metals sector. UK October inflation rate dropped sharply. LME tin inventories continued to fall, giving support to LME tin prices to move around the 60-day moving average, but still having room to fall.
LME tin prices will find support at the 60-day moving average, and USD 21,900/mt will be another supporting level if prices fall below that level. Spot prices in Shanghai should move between RMB 144,500-148,000/mt.