SHANGHAI, Nov. 15 (SMM) – LME tin prices overnight opened at USD 22,803/mt, with the high end of the price range USD 23,050/mt, and finding support at USD 22,800/mt. Finally, LME nickel prices closed at USD 22,912/mt, up USD 106/mt from the previous trading day. Trading volumes increased by 16 lots, to 225 lots, and total positions decreased by 9 lots, to 19,574 lots. Inventories remained flat at 11,760 mt.
Yellen's statement boosted market confidence that the Fed will maintain QE3 this year; major eurozone economies reported sluggish Q3 GDP, and US September exports dropped, with the number of initial jobless claims last week higher than expected, which weighed down the market. LME tin inventories fell to a new low for the year, lending some support to tin prices.
LME tin prices will move between USD 22,600-23,300/mt today. Spot prices in Shanghai should move between RMB 144,000-147,000/mt.