SHANGHAI, Nov. 22 (SMM) – LME tin prices overnight opened at USD 22,775/mt, with the high end of the price range USD 23,004/mt, and finding support at USD 22,770/mt. Finally, LME nickel prices closed at USD 22,901/mt, up USD 126/mt from the previous trading day. Trading volumes increased by 143 lots, to 289 lots, and total positions increased by 59 lots, to 18,851 lots. Inventories fell by 60 mt, to 11,385 mt.
US manufacturing expanded mildly in November, and output grew at its fastest pace in nine months, which counteracted concerns over weakening manufacturing activities in China and that the Fed will scale back QE3. HSBC’s November PMI for China was 50.4, and Eurozone November PMI was 51.5, both falling short of market expectations.
LME tin prices will move between USD 22,600-23,000/mt today. Spot prices in Shanghai should move between RMB 143,500-147,000/mt.