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SMM Daily Review - 2010/1/14 Tin Market
SHANGHAI, Jan. 15 (SMM) -- On Wednesday night, LME tin prices fell to touch USD 17,430/mt and later climbed above 5-day moving average along with weak performance of US dollar, closing at USD 17,900/mt. On Thursday, prices stood firm above 5-day moving average and climbed further around USD 18,000/mt, pointing at USD 18,080/mt at 5:30 pm.
Shanghai tin market was further inspired by LME tin market and tin prices in Shanghai market continued to show strong rising trend. Domestic smelters further raised their offers for the excuses of tight supply caused by overhauling and difficulty in purchasing raw materials, but downstream price acceptance was low. Inquiries reduced and transactions were few, with traded prices in the RMB 140,000-141,000/mt range. Most transactions were mainly made among traders.
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