SHANGHAI, Oct. 30 (SMM) – LME tin opened at USD 19,850/mt on Wednesday. The metal touched day’s high of USD 20,206/mt and day’s low of USD 19,850/mt before closing up USD 210/mt at USD 20,050/mt. Trading volumes were up 236 lots to 624 lots, with positions down 167 lots to 22,088 lots. Inventories decreased 25 mt to 9,115 mt. 

 

As expected, the US Federal Reserve decided to end its monthly bond-buying program and promised to keep interest rate low for a long time to come, but did not give any hint as to when it will raise interest rate. 

 

LME tin prices should hover around USD 20,000/mt on Thursday. In Shanghai spot tin market, rising LME tin overnight may push mainstream traded prices up to RMB 135,500-137,500/mt.