SHANGHAI, Mar. 7 (SMM) – LME tin rose on encouraging US employment data. US initial jobless claims dropped to 323,000 in the week ending March 1, the lowest since November and capping forecasts. LME tin opened at USD 23,215/mt on Thursday. The metal found day’s high of USD 23,380/mt and day’s low of USD 23,150/mt before closing up USD 101/mt at USD 23,300/mt. Trading volumes added 9 lots from a day earlier to 151 lots, and positions also increased 208 lots to 22,606 lots. Inventories dropped 25 mt to 9,125 mt.
Investors will stay cautious before US non-farm employment report is released tonight. LME tin should consolidate between USD 23,000-23,600/mt on Friday. In Shanghai’s physical market, prices are expected to remain little changed at RMB 141,000-143,500/mt.