SHANGHAI, Mar. 17 (SMM) – Disappointing economic data from China and the US as well as the Ukraine crisis kept investors cautious. LME tin opened last Friday at USD 22,900/mt. The metal found days’ low of USD 22,850/mt and day’s high of USD 23,050/mt before finishing only USD 15/mt higher at USD 22,925/mt. Trading volumes shrank 55 lots from a day earlier to 133 lots, while positions increased 143 lots to 22,740 lots. Inventories grew 35 mt to 9,085 mt.
95.5% of Crimean voters voted in favor of joining Russia in a disputed referendum on Sunday, preliminary results with 50% of ballots counted showed. The referendum came under strong criticism from the US and the EU. US PPI data and the University of Michigan Consumer Sentiment Index released last Friday were shy of forecasts.
Downbeat economic indicators and the Ukraine crisis will continue to weigh on market sentiment, which will leave LME tin hovering weakly around USD 23,000/mt on Monday. Spot tin prices in Shanghai are expected between RMB 139,500-141,500/mt.