SHANGHAI, Nov. 14 (SMM) – LME tin prices overnight opened at USD 22,746/mt, with the high end of the price range USD 22,900/mt, and finding support at USD 22,611/mt. Finally, LME nickel prices closed at USD 22,806/mt, up USD 93/mt from the previous trading day. Trading volumes increased by 45 lots, to 209 lots, and total positions decreased by 108 lots, to 19,583 lots. Inventories remained flat at 11,760 mt.
The market lacked positive news overnight. The upbeat UK October employment data show UK economic recovery is stronger than expected, with LME tin prices leveling out.
LME tin prices will find support at USD 22,600/mtl and meet resistance at USD 23,300/mt. Spot prices in Shanghai should move between RMB 144,000-147,500/mt.