SHANGHAI, Nov. 28 (SMM) – LME tin prices overnight opened at USD 22,801/mt, with the high end of the price range USD 22,920/mt, and finding support at USD 22,490/mt. Finally, LME nickel prices closed at USD 22,695/mt, down USD 224/mt from the previous trading day. Trading volumes increased by 287 lots, to 442 lots, and total positions decreased by 267 lots, to 18,709 lots. Inventories fell by 80 mt, to 10,795 mt.
With the exodus of capital before the Thanksgiving Day holiday, LME tin prices overnight plummeted and closed at USD 22,695/mt. US October durable goods orders dropped 2.0%, higher than expectations, reflecting commercial spending decreased, and depressing market confidence. US November CCI strengthened, while the number of jobless claims last week unexpectedly decreased, causing speculations that the Fed will scale back QE3 soon to increase, pushing up the US dollar index and weighing down base metals prices.
LME tin prices will continue to test support at USD 22,600/mt today, and spot prices in Shanghai should move between RMB 142,000-145,500/mt.