SHANGHAI, Feb. 25 (SMM) – LME tin started overnight at USD 17,975/mt and then fluctuated between USD 17,890-18,200/mt before ending up USD 120/mt at USD 18,055/mt. Trading volumes for three-month tin on the London Metal Exchange increased 82 lots to 171 lots, while positions shed 135 to 20,413. LME tin inventories held flat at 11,420 mt on Tuesday.
LME tin hovered largely around USD 18,000/mt during the Chinese New Year holiday. The US Federal Reserve chairwoman Janet Yellen hinted that the Fed won’t raise its interest rates until several months later. The euro zone finance ministers approved a four-month extension on Greece’s bailout plan, giving a boost to markets. Meanwhile, a rebound in crude prices helped support base metals markets. Brent oil rose above USD 59/bbl due to production suspension at the largest oilfield in Libya.
LME tin is expected to stay around USD 18,000/mt on Wednesday, meeting resistance at USD 18,400/mt. Spot tin prices in China should be unchanged between RMB 124,500-127,500/mt.