SMM Tin Market Morning Review (2013-12-9)

SHANGHAI, Dec. 9 (SMM) – LME tin jumped to USD 23,250/mt during the Asian trading session after opening at USD 22,951/mt last Friday, but fell back to USD 22,912/mt in the European trading hours as improving US labor market raised concerns over QE3-tapering. 203,000 jobs were added in the US non-farm sector in November, better than expected. However, the metal staged a rally afterwards before ending USD 209/mt higher at USD 23,160/mt. Trading volumes were flat 757 lots, while positions added 565 lots to 19,591 lots. LME tin inventories dropped 20 mt to 10,550 mt.

LME tin will have limited upward momentum following continuous rises, meeting resistance at USD 23,300/mt and consolidating support at the 60-day moving average on Monday. Spot tin prices in China are expected between RMB 140,000-143,500/mt.