SHANGHAI, Nov. 19 (SMM) – LME tin prices overnight opened at USD 22,906/mt, with the high end of the price range USD 23,010/mt, and finding support at USD 22,726/mt. Finally, LME nickel prices closed at USD 22,800/mt, down USD 102/mt from the previous trading day. Trading volumes decreased by 40 lots, to 227 lots, and total positions increased by 95 lots, to 19,600 lots. Inventories remained fell 75 mt, to 11,480 mt.
China's reform plans did not include measures to boost commodity demand in the near term, depressing market optimism; investors will await US Federal Reserve's October policy meeting minute.
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.