SHANGHAI, Jan. 22 (SMM) – LME tin opened at USD 19,400/mt on Wednesday. The metal touched day’s high of USD 19,450/mt and day’s low of USD 19,180/mt before closing up USD 100/mt at USD 19,450/mt. Trading volumes were up 27 lots to 202 lots, with positions down 414 to 20,250. Inventories fell 85 mt to 11,985 mt. Rumors were running wild that the ECB would buy EUR 50 billion worth of bonds per month till 2016, boosting commodity market. US economic data beat expectations, also boosting base metals market.
Today will see the release of US initial jobless claims for last week, FHFA House Price Index, Markit’s manufacturing PMI. The ECB will announce its policy decision for its latest meeting. LME tin should consolidate on Thursday. In Shanghai spot tin market, mainstream traded prices are expected between RMB 125,500-129,000/mt.