KUALA LUMPUR – The Kuala Lumpur Tin Market (KLTM) closed unchanged at US$25,200 (RM104,000) a tonne today due to a lack of market catalyst.
Conversely, the metal ticked up US$147 on the overnight benchmark London Metal Exchange (LME) to close at US$26,686 a tonne on a technical correction.
“Demand for tin is still average. However, the improvement in the US dollar and US Treasury yields has prompted investors to leave non-yielding metal and shift to the US bond market,” a dealer told Bernama.
At the opening bell on KLTM, both bids and offers were equal at 29 tonnes, with market players hailing from China, South Korea, Japan, Taiwan, Europe, Pakistan, Bangladesh and the US.
Turnover rose to 29 tonnes versus 20 tonnes yesterday.
The price differential between KLTM and LME stood at a discount of US$1,486 a tonne compared with US$1,339 yesterday. – Bernama, March 9, 2021
