SHANGHAI, Apr. 3 (SMM) – LME tin opened at USD 23,000/mt on Wednesday. The metal touched a session high of USD 23,100/mt before falling back to USD 22,900/mt on worse-than-expected Q4 GDP and February PPI in the euro zone, closing the day down USD 25/mt at USD 22,925/mt. Trading volumes dropped 6 lots from the previous day to 252 lots, but positions were up 228 lots to 22,221 lots. Inventories were unchanged at 9,555 mt.
The European Central Bank (ECB) will announce its policy meeting today, and markets are expecting the central bank to loosen monetary policy. LME tin should hover around USD 23,000/mt on Thursday. In Shanghai physical tin market, prices are expected to remain little changed at RMB 137,000-139,500/mt.