SHANGHAI, Dec. 4 (SMM) – LME tin opened at USD 22,589/mt on Tuesday, ranging between day’s high of USD 22,594/mt and day’s low of USD 22,400/mt. The metal closed USD 8/mt higher at USD 22,548/mt. Trading volumes were off 41 lots to 285 lots, while positions were up 179 lots to 18,898 lots. LME tin inventories fell 280 mt to 10,600 mt. Upbeat US economic data rekindled apprehension over QE3-tapering.
Markets will stay on guard before upcoming euro zone GDP and US non-farm employment data, holding tin prices in check. LME tin will test support at USD 22,400/mt, while spot tin in China is expected to fluctuate between RMB 140,500-145,500/mt on Wednesday.