KUALA LUMPUR – The Kuala Lumpur Tin Market (KLTM) extended its upward momentum, gaining US$710 (RM2,874) to close at US$25,010 per tonne on continued demand.
A dealer said Taiwan emerged as the main buyer today, boosted by the country’s booming demand for technology products amid the Covid-19 pandemic.
“At the opening bell, bids hit 401 against 17 offers at KLTM.
“The uptrend in tin prices was also in line with the LMEselect trading platform for tin, which surpassed the US$25,000 level per tonne this morning.”
Meanwhile, the overnight London Metal Exchange (LME) closed US$115 lower at US$22,955 per tonne.
Besides Taiwan, the KLTM market participants comprised traders from China, South Korea, Japan, European countries, Pakistan, Bangladesh and the United States, as well as one local seller.
At the close, bids were at 31 tonnes, while offers were at 27 tonnes.
Turnover eased to 27 tonnes from 37 tonnes previously.
The price differential between the KLTM and LME widened to a premium of US$2,055 a tonne, from a premium of US$1,230 a tonne yesterday. – Bernama, February 3, 2021
