KUALA LUMPUR – The Kuala Lumpur Tin Market (KLTM) surged by US$300 (RM1,238) to close at US$26,850 per tonne today, as traders reacted positively to China’s strong trade performance last month amid a weaker United States dollar.
A dealer said the local market also took its cue from the uptrend on the benchmark London Metal Exchange (LME), where the overnight tin price settled higher by US$216 per tonne to end at US$27,696.
China’s latest data showed that its March exports surged 30.6% year-on-year, contributed mainly by a sharp increase in shipments of mechanical and electrical products, as well as high-technology goods.
“As tin is mainly used to make solder for the electronics industry, the encouraging Chinese exports boosted demand for the commodity,” said the dealer, adding that a softer greenback made the metal cheaper for international buyers.
On KLTM, he said today’s trading was supported by buyers from China, South Korea, Japan, Taiwan and Europe, as well as local sellers.
At the close, turnover went down to 16 tonnes from 20 tonnes yesterday, while bids stood at 16 tonnes, easing by four tonnes, too. Offers remained unchanged at 20 tonnes as of yesterday’s close.
The premium between KLTM and LME narrowed to US$846 per tonne from US$985 yesterday. – Bernama, April 15, 2021
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