Business

KL Tin Market geared for uptrend

Commodity’s price likely to hover around US$31,500 per tonne next week, dealer says

Updated 5 years ago · Published on 29 May 2021 4:00PM

KL Tin Market geared for uptrend
The local tin price yesterday closes at US$30,850 per tonne. – Tambang.co.id pic, May 29, 2021

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

Related News

Business / 5y

No trading for KLTM next week on back of Smelting Corp’s force majeure

Business / 5y

KL Tin Market suspends trading after MSC force majeure

Business / 5y

KL Tin Market set for rebound as traders take advantage of lower price

Business / 5y

KL Tin Market surges US$300 at close

Business / 5y

KL Tin Market closes unchanged at US$25,200

Business / 5y

KL Tin Market closes at US$25,010 per tonne

Spotlight

Malaysia

Immigration busts international scam syndicate operating from unused Kuantan resort

Malaysia

Malaysia prevents RM1.9b in scam transactions as BNM targets real-time fraud alerts

Malaysia

Parental involvement crucial in tackling school bullying, says PM as cases hit nearly 5,700

Malaysia

19-year-old female student strangled to death in Kuantan following quarrel; boyfriend arrested

Malaysia

Loke slams 10 Negeri Exco members for ‘backstabbing’ Tuanku Muhriz

Malaysia

Vandalism at mosque: Blaming the MADANI govt ‘unfounded and ridiculous’ (video)

By Alfian Z.M. Tahir

Malaysia

MOHE: 1.16 million PTPTN borrowers owe RM10.7b in outstanding repayments

Malaysia

Police: Statements recorded after 13-year-old student sustains severe injuries in three-storey fall

You may be interested

Business

Oil prices ease as Middle East exports recover towards pre-war levels

Business

Middle East conflict puts Malaysian SMEs under growing financial pressure - BNM

Business

Tabung Haji posts record RM4.64b profit on stronger investment performance

Business

Oil supply risks mount as Brent tops US$102 on threat of Middle East shipping routes disruption