SHANGHAI, Nov. 29 (SMM) – LME tin prices overnight opened at USD 22,551/mt, with the high end of the price range USD 22,697/mt, and finding support at USD 22,400/mt. Finally, LME nickel prices closed at USD 22,697/mt, up USD 2/mt from the previous trading day. Trading volumes decreased by 6 lots, to 436 lots, and total positions decreased by 722 lots, to 17,987 lots. Inventories grew by 20 mt, to 10,815 mt.
LME tin prices overnight rose initially but dropped sharply during Asian trading hours, dipping to USD 22,400/mt. during European hours, LME tin prices gained back some losses and closed at USD 22,697/mt, up USD 2/mt. The market was quiet due to the Thanksgiving holiday in the US. Falling LME tin inventories will lend support to tin 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.