KUALA LUMPUR – The Kuala Lumpur Tin Market (KLTM) finished US$400 higher at US$21,400 per tonne today on strong demand for the commodity, said a trader.
He said the improvement was also in line with the overnight tin price on the London Metal Exchange, which rose US$295 to US$21,005 per tonne, supported by the weaker US dollar which sparked more buying interest among the traders.
“Demand on the KLTM remained strong despite the higher price, as traders considered the price range of up to US$22,000 as still attractive compared to that on the LME,” he said.
On the local front, he said the government’s move to allow businesses to function during the nationwide state of emergency also lifted market performance today as it would not hamper business operations.
“This was following the strong interest at the opening for the commodity with bids for 101 tonnes against five tonnes being offered,” he added.
At the close, bids stood at 13 tonnes against offers at eight tonnes, with the participation of buyers from China, South Korea, Japan, Taiwan, European countries, Pakistan, Bangladesh and the United States, and one local seller.
Turnover fell five tonnes to eight tonnes.
The price differential between KLTM and LME stood at a premium of US$395 per tonne from US$290 per tonne previously. – Bernama, January 13, 2021
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