KUALA LUMPUR – The Kuala Lumpur Tin Market (KLTM) tin trading will be suspended from any activities with effect from today until further notice.
In a statement, the KLTM said it will be giving advice accordingly as to when the tin trading will resume.
According to reports, Malaysia Smelting Corp Bhd (MSC) – the world’s third-largest tin producer – declared force majeure and immediately suspended all its operations, effective yesterday.
The decision to invoke force majeure came after MSC was deemed non-essential during the full movement control order and was told to shut down its smelting operations until the lockdown ends on June 14.
A dealer said the KLTM will be closed until further notice as there is no transaction occurring following the closure of MSC.
As at yesterday’s close, the KLTM price ended at US$31,550 (RM129,924) per tonne, down US$100 from last Friday’s close of US$31,650 due to lack of demand for the commodity. – Bernama, June 9, 2021
