KUALA LUMPUR – The Kuala Lumpur Tin Market (KLTM) closed US$280 (RM1,132) lower at US$22,370 a tonne today, in line with the benchmark London Metal Exchange (LME), on a technical correction, said a dealer.
The tin price on LME fell US$130 to close at US$21,970 a tonne.
A dealer said the KLTM price retreated from its upward momentum last week on a technical correction as it was considered quite high.
The market today saw buying support from China, South Korea, Japan, Taiwan, the United States, and European countries, as well as one local seller.
At the opening bell, bids were at 33 tonnes, while offers stood at 29 tonnes. Turnover was lower at 25 tonnes against 29 tonnes last Friday.
The price differential on KLTM was at a premium of US$400 a tonne from US$550 previously. – Bernama, January 25, 2021
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