SHANGHAI, Mar. 28 (SMM) – LME tin crept up to USD 23,045/mt after opening at USD 22,900/mt on Thursday. The metal, however, fell back to USD 22,750/mt later in the day before ending down USD 46/mt at USD 22,804/mt. Trading volumes gained 21 lots from a day earlier to 239 lots, and positions also added 199 lots to 22,313 lots. Inventories grew 185 mt to 9,545 mt.
Last week’s US initial jobless claims dropped from the previous week, a sign of recovery in the labor market. This strengthened expectations for an imminent interest rate hike by the Fed, driving the US dollar index up and weighing on base metals.
The US, Germany and Japan will announce inflation data today. Recent negative macro economic data will keep LME tin in check around USD 23,000/mt on Friday. In Shanghai physical tin market, prices are expected to remain low between RMB 138,000-140,500/mt.