SHANGHAI, Feb. 12 (SMM) – LME tin overnight opened at USD 18,150/mt and then hovered between USD 17,445-18,200/mt before ending RMB 550/mt at USD 17,675/mt on Wednesday. Trading volumes for three-month tin on the London Metal Exchange gained 98 lots to 339 lots, while positions shed 102 to 21,154. LME tin inventories increased 25 mt to 11,865 mt.
Base metals markets are expected to remain depressed against a strengthening US dollar. A series of economic indicators will be released on Thursday, including Germany’s final CPI for January, euro zone industrial output, US retail sales and initial jobless claims, as well as the Bank of England (BOE)’s inflation report. LME tin is expected to hover between USD 17,400-17,800/mt, while spot lead prices in China will fall to RMB 124,000-127,000/mt on Thursday.