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SMM Morning Review - 2010/12/30 Tin Market
SHANGHAI, Dec. 30 (SMM) -- LME tin market opened at USD 26,801/mt and closed at USD 26,700/mt overnight, down by USD 100/mt from the level on December 24th, with the highest price at USD 27,000/mt and the lowest price at USD 26,600 /mt. Daily trading volumes were 282 lots and positions were 20,302 lots. LME tin inventories were down 55 mt to 15,555 mt. Cancelled warrants were 290 mt, accounting for 1.86% of total inventories. LME base metal largely ended with gains in order to track price rally in the US and China base metal markets. LME tin prices moved stably in the morning trading session and moved higher along with other base metal prices, but closed with slight losses.
Investors’ sentiment was boosted by stronger euro and rally in equity markets. However, transactions were still lackluster as most investors and traders were still on vocation. In addition, heavy snowfall in Northeastern United States also kept investors away from the market.
Global two large Commodity Index Funds, S&P GSCI and DJ-UBS, will adjust commodity weighs in early 2011, which will cause market fluctuation. Tin futures prices will still receive strong support from strong fundamentals.
SMM believes that LME tin prices will move around USD 26,700/mt.
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