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SMM Tin Market Morning Review

Release time:2014-11-25

Nov 25, 2014 01:31 GMT   Source:SMM

 

SHANGHAI, Nov. 25 (SMM) – LME tin opened at USD 20,357/mt on Monday. The metal touched day’s high of USD 20,600/mt and day’s low of USD 20,297/mt before closing down USD 5/mt at USD 20,360/mt. Trading volumes were down 260 lots to 329 lots, with positions up 261 lots to 22,188 lots. Inventories increased 135 mt to 11,715 mt.    
 
Germany’s IFO Business Climate Index rose in November, boosting the euro and base metals. But Markit’s US composite and service PMI for November missed forecasts, forcing LME tin to give back gains later in the day.   
 
LME tin may gather no upward momentum from the PBOC’s interest rate cut, which may be a sign of deteriorating economic conditions in the world’s second largest economy. LME tin should meet resistance at USD 20,600/mt while finding support at USD 20,000/mt on Tuesday. In Shanghai spot tin market, mainstream traded prices are expected between RMB 133,500-136,500/mt.