From what I can recall, that's the first time the inventories have grown for a long time. I do hope the Japanese decide to up their QE. China's pump into their market looks promising for tin, another a couple of pumps from the other markets could push it over.
;-)
SMM Tin Market Morning Review (2014-1-22)
Jan 22, 2014 01:30 GMT Source:SMM
Tags: LME tin, Shanghai tin
SHANGHAI, Jan. 22 (SMM) – LME tin opened at USD 22,339/mt on Tuesday. The metal drifted lower to USD 21,927/mt as the greenback strengthened after sources indicated that the US Federal Reserve may trim QE3 again in its January policy meeting. However, LME tin rallied to its opening price afterwards before ending down USD 50/mt at USD 22,200/mt. Trading volumes added 202 lots to 322 lots, but positions shrank 150 lots to 18,322 lots. Inventories grew 40 mt to 9,510 mt.
The policy decision of the Bank of Japan and Bank of Canada as well as UK’s employment data will be closely watched today. LME tin should encounter resistance at USD 22,400/mt but find support at USD 21,800/mt on Wednesday. In Shanghai spot tin market, trading will be thin ahead of the upcoming holiday, with prices expected between RMB 140,000-144,000/mt.
CSD Price at posting:
8.0¢ Sentiment: LT Buy Disclosure: Held
