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SMM Daily Review - 2010/1/4 Tin Market

iconJan 5, 2010 00:00

SHANGHAI, Jan. 5 (SMM) -- LME tin prices climbed cautiously on the last two trading days of 2009, closing at USD 16,880/mt. On Monday, LME tin prices jumped from USD 16,800/mt to USD 17,322/mt on the first trading day of 2010, and stood firmly above USD 17,000/mt. Long position momentum continued to release, and prices increased by 2.65% on Monday.


In the Shanghai tin market, prices didn't move along with rising pace of LME tin prices. Domestic traders and downstream consumers' confidence in price increases from high levels was waning and they adopted cautious attitude amid market on the first trading day of 2010, since tin prices soared consecutively at the end of 2009. Some speculators no longer kept firm offers and they adjust prices initiatively in order to take profit. Traded prices of unknown brands were at RMB 125,500/mt and traded prices of major brands were at RMB 126,000/mt. Domestic tin prices moved without clear trend, still waiting for direction from LME tin prices.

 

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