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SMM Daily Review - 2010/1/18 Tin Market
SHANGHAI. Jan. 19 -- Last Friday, LME tin prices closed with decline at USD 18,050/mt and low-end prices once fell below USD 17,900/mt. On Monday, LME tin prices still stood firmly above 5-day moving average supported by decline of US dollar, and moved narrowly in the USD 18,050-18,200/mt range. Upward Momentum for LME tin prices was weak.
In the Shanghai tin market, tin prices showed signs of decline on Monday by virtue of sluggish transactions. In the morning, traded prices were mainly in the RMB 143,000-144,000/mt range, and offers from some traders declined to RMB 139,500-142,000/mt range in the afternoon, with relatively weak trading sentiment in general. Supply of goods was tight in the market, but downstream purchasers showed little interest of high-priced supply. Prices of spot goods faced difficulty in moving up, and may decline in the future.
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