SHANGHAI, Feb. 10 (SMM) – LME tin opened at USD 22,125/mt last Friday. The metal ranged between day’s high of USD 22,248/mt and day’s low of USD 22,085/mt, and closed USD 15/mt higher at USD 22,085/mt. Trading volumes contracted 59 lots to 124 lots, but positions increased 307 lots to 18,492 lots. Inventories remained unchanged at 8,940 mt.

US non-farm payrolls were lower than expectations at 113,000 in January, curbing gains of LME tin. However, downbeat data cooled anticipation for continued tapering of the Fed’s bond-buying program, which may have a positive impact on the market.

LME tin should meet resistance at USD 22,400/mt and test support at USD 21,800/mt on Monday. In China’s spot tin market, market activity should improve from before the holiday, but any increase in demand will be limited since many downstream producers will not resume operation until after February 14. Spot tin prices are expected between RMB 139,000-143,000/mt.