KUALA LUMPUR – The Kuala Lumpur Tin Market (KLTM) settled US$460 (RM1,869) lower at US$21,000 per tonne on weak demand, as escalating numbers of Covid-19 cases curbed interest in the metal, said a trader.
He said the performance is in line with the downtrend in the overnight London Metal Exchange tin’s performance, with the metal closing US$295 easier at US$20,710 per tonne.
At the opening bell, KLTM saw five bidders and one seller participating.
“The price differential between KLTM and LME stood at a premium of US$290 per tonne from US$455 per tonne previously.
“Buying support in the local market came from China, South Korea, Japan, Taiwan, Europe, Pakistan, Bangladesh, and the United States, as well as one local seller,” he told Bernama.
He said traders are now awaiting the International Trade and Industry Ministry’s statement on the types of services categorised under essential economic sectors and thus allowed to operate during the reintroduction of the movement control order (MCO).
Prime Minister Tan Sri Muhyiddin Yassin yesterday announced the re-implementation of the MCO in Penang, Selangor, Kuala Lumpur, Putrajaya, Labuan, Melaka, Johor, and Sabah from tomorrow to January 26.
Meanwhile, a conditional MCO will be enforced in Pahang, Perak, Negri Sembilan, Kedah, Terengganu, and Kelantan, while Perlis and Sarawak will be placed under recovery MCO during the same period.
At the close, turnover on the KLTM rose one tonne to 13 tonnes, while both bids and offers were equal at 13 tonnes. – Bernama, January 12, 2021
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