SMM Tin Market Morning Review (2015-1-29)

SHANGHAI, Jan. 29 (SMM) – LME tin opened at USD 19,375/mt on Wednesday. The metal touched day’s high of USD 19,500/mt and day’s low of USD 19,205/mt before closing down USD 75/mt at USD 19,295/mt. Trading volumes were down 51 lots to 249 lots, with positions up 33 to 20,247. Inventories fell 90 mt to 11,865 mt. The US Fed kept federal fund rate at record low as expected, so market reaction mild. However, US crude oil stocks are at their highest level in at least 80 years, sending crude oil price to its lowest since April 2009. Tumbling crude oil weighed on LME tin.   

 

Today will see the release of UK house price index and CBI retail sales, employment and inflation data from Germany, as well as US initial jobless claims and existing home sales. LME tin should range USD 19,000-19,600/mt on Thursday. In Shanghai spot tin market, mainstream traded prices are expected between RMB 127,000-129,000/mt.