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SMM Morning Review - 2010/12/6 Tin Market
SHANGHAI, Dec.6 (SMM) -- Last Friday, LME tin market opened at USD 25，325/mt and closed at USD 25,525/mt, down by USD 25/mt from a day earlier, with the highest price at USD 25,725/mt ant the lowest price at USD 25,300/mt. Daily trading volumes were 329 lots and positions were 19,198 lots. LME nickel inventories were up by 5 mt to 15,620 mt.
LME base tin prices closed with slight gains Friday night, as weaker US and strong fundamentals of tin help offset negative impact from disappointing US non-farm payroll report. LME base metal prices tumbled suddenly following release of US non-farm payroll report in the afternoon European trading hours. According to data from US Department of Labor, the US non-farm employment data in December was up by 39,000, far lower than expectation of 140,000. The reported dragged down the US dollar index to end at 79.147. Boosted by a slew of positive economic data at various countries, market sentiment improved to certain extent. Strong tin demand outlook help support tin prices to remain firm.
SMM expected that LME tin prices will move between USD 25,000-25,500/mt on December 6th.
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