SMM Tin Market Morning Review (2013-11-20)

SHANGHAI, Nov. 20 (SMM) – LME tin prices overnight opened at USD 22,800/mt, with the high end of the price range USD 22,850/mt, and finding support at USD 22,703/mt. Finally, LME nickel prices closed at USD 22,779/mt, down USD 21/mt from the previous trading day. Trading volumes decreased by 70 lots, to 157 lots, and total positions decreased by 205 lots, to 19,395 lots. Inventories remained fell 35 mt, to 11,445 mt.

Fed Chairman Yellen hinted she will maintain QE3 in place, with the market shifting their attention to the Fed’s October policy meeting minute to be released today. LME tin prices leveled out recently, with boding trading volumes and total positions decreasing.

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.