SHANGHAI, Jan. 26 (SMM) – LME tin opened at USD 19,325/mt last Friday. The metal touched day’s high of USD 19,535/mt and day’s low of USD 19,325/mt before closing down USD 120/mt at USD 19,390/mt. Trading volumes were down 9 lots to 239 lots, with positions up 363 to 20,267. Inventories grew 15 mt to 11,990 mt. The US dollar index climbed above 95 following the ECB’s announcement of QE. Greece’s radical left-wing party Syriza won election, increasing risks of Greece exit from the euro zone. Technical indicators are negative.
Today will see the release of Germany’s IFO business climate index and euro zone retail sales data. LME tin should remain under heavy downward pressure. In Shanghai spot tin market, mainstream traded prices are expected between RMB 126,000-129,000/mt.
