SMM Tin Market Morning Review (2015-1-5)

SHANGHAI, Jan. 5 (SMM) – LME tin opened at USD 19,100/mt last Friday. The metal touched day’s high of USD 19,915/mt and day’s low of USD 19,025/mt before closing up USD 951/mt or 5.01% at USD 19,861/mt. Trading volumes were down 14 lots to 343 lots, with positions up 85 to 21,817. Inventories increased 95 to 12,135 mt. 

 

Economic data from the euro zone were depressed. Markit’s US manufacturing PMI for December rose, but ISM’s US manufacturing PMI for December dropped to 55.5, the lowest since June 2014 and falling short of expectations for 57.5. The US dollar index refreshed 8/1-2 high of 90.91. However, LME tin prices rose sharply as investors closed short positions.    

   

LME tin should remain strong on Monday. In Shanghai spot tin market, mainstream traded prices are expected to rise to RMB 126,500-131,000/mt.