SMM Tin Market Morning Review (2015-2-6)

SHANGHAI, Feb. 6 (SMM) – LME tin overnight started at USD 18,900/mt and then hovered between USD 18,890-19,000/mt before closing up USD 30/mt at USD 18,955/mt. Trading volumes for three-month tin on the London Metal Exchange decreased 73 lots to 172 lots, while positions shed 148 to 20,741. LME tin inventories fell 10 mt to 11,830 mt on Thursday.

LME tin continued to move sideways on Thursday. Prospect for European and US energy demand improved as US initial jobless claims for last week came in better than expected and the European Commission raised its forecast for the euro zone’s GDP growth. Crude oil prices responded by rising 4%, while gold prices held firmly above USD 1,250/oz. Caution prevails on the base metals markets before the release of the US nonfarm payrolls numbers. Spot tin prices in China are expected to hold stable at RMB 125,000-128,500/mt on Friday.