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SMM Tin Market Morning Review

Release time:2014-11-28

Nov 28, 2014 01:34 GMT   Source:SMM

 

 

SHANGHAI, Nov. 28 (SMM) – LME tin opened at USD 20,330/mt on Thursday. The metal touched day’s high of USD 20,350/mt and day’s low of USD 20,230/mt before closing down USD 40/mt at USD 20,230/mt. European economic data were mixed, and crude oil prices tumbled following the OPEC's decision to refrain from cutting output, a combination of which sent LME tin prices down. Trading volumes were down 86 lots to 89 lots, with positions down 684 lots to 21,424 lots. Inventories decreased 250 mt to 11,760 mt.    
 
LME tin should range USD 20,000-20,600/mt on Friday. In Shanghai spot tin market, consumption will remain sluggish due to month-end liquidity crunch, with mainstream traded prices expected between RMB 133,500-136,500/mt.