SHANGHAI, Aug. 6 (SMM) – LME tin prices overnight opened at USD 20,950/mt, with the high end of the price range USD 21,250/mt, and finding support at USD 20,876/mt. Finally, LME tin prices closed at USD 20,876/mt, up USD 150/mt. Trading volumes decreased by 176 lots, to 433 lots, and total position decreased by 42 lots, to 20,902 lots. Inventories fell by 65 mt, to 13,845 mt.
Major economic data from Europe and US released yesterday was positive. Service PMIs from many European countries in July rose, topping expectations; US ISM non-manufacturing index also improved noticeably, pushed up by new orders. Positive economic news boosted LME tin prices to rise.
USD 20,876/mt at AUD/USD .892 = AUD 23381.00
MOO Price at posting:
0.6¢ Sentiment: LT Buy Disclosure: Held
