SHANGHAI, Dec. 20 (SMM) – LME tin opened at USD 22,805/mt on Thursday. The metal vacillated between day’s low of USD 22,775/mt and day’s high of USD 22,900/mt. US economic data disappointed markets. Initial jobless claims jumped to 379,000 last week, well above the 332,000 expected. Existing home sales slid 4.3% to 4.9 million units in November, worse than forecasts. The Philadelphia Fed’s manufacturing index rose less than expected in December. These downbeat figures caused LME tin to end USD 80/mt lower at USD 22,840/mt. Trading volumes were down 32 lots to 128 lots, and positions also fell 201 lots to 19,635 lots. LME tin inventories held flat at 10,210 mt.
Markets are eyeing revised US Q3 GDP and the Bank of Japan’s policy decision. LME tin should find support at USD 22,700/mt and meet resistance at the 60-day moving average on Friday. Spot tin prices in China are expected between RMB 139,500-142,000/mt.