KUALA LUMPUR – The Kuala Lumpur Tin Market (KLTM) is expected to be on an uptrend next week, supported by strong demand for the metal and in line with the rally on the London Metal Exchange (LME), said a dealer.
He said the metal’s price will likely hover around US$31,500 (RM130,205) per tonne.
“The LME market has been on an upward momentum, breaching the US$30,000-per-tonne level this week,” he told Bernama.
For the week just ended, KLTM was trading around the US$31,000 level thanks to strong demand for the commodity, as well as tracking the metal’s performance on LME.
The local tin price closed at US$30,850 per tonne yesterday, with buying support from China, South Korea, Japan, Taiwan, Europe, Pakistan and Bangladesh.
Over the shorter trading week, weekly turnover declined to 54 tonnes from 68 tonnes previously.
The price differential between KLTM and LME narrowed to a premium of US$620 per tonne from US$1,850 on a weekly basis.
The market was closed on Wednesday for the Wesak celebration. – Bernama, May 29, 2021
