SMM Tin Market Morning Review (2013-12-13)

SHANGHAI, Dec. 13 (SMM) – LME tin opened at USD 22,600/mt on Thursday. The metal nudged up to USD 22,700/mt in Asian trading session, but fell back to USD 22,440/mt during European trading hours due to disappointing euro zone economic data and mixed US economic signposts. The euro zone’s industrial output for October surprised with steep declines. Retail sales in the US were positive in November, but its initial jobless claims rose more than expected to 368,000, dampening market sentiment. Finally, LME tin lost USD 140/mt at USD 22,400/mt. Trading volumes dropped by 204 lots, to 298 lots, and positions also decreased by 237 lots, to 20,730 lots. LME tin inventories fell by 20 mt, to 10,345 mt.

Markets are eyeing employment data in the euro zone and US inflation data due today. LME tin will move in a tight price band on Friday, with support at USD 22,400/mt, while spot tin prices in China are expected between RMB 139,000-142,500/mt.