KUALA LUMPUR – The Kuala Lumpur Tin Market (KLTM) is expected to rebound next week as traders take advantage of the commodity’s current lower price, said a dealer.
He told Bernama that the metal’s price will likely hover at between US$31,500 and US$32,000 (RM130,032 and RM132,096) per tonne.
“The market is expected to pick up its pace as buyers look forward to purchasing the metal on the back of declining prices.”
For the week just ended, KLTM traded mostly lower on muted activity and weaker demand, as traders were cautious of the market since the London Metal Exchange (LME) was closed on Monday for the spring bank holiday.
The local tin price closed at US$31,650 a tonne yesterday, with buying support from China, South Korea, Japan, Taiwan and Europe.
Over the trading week, weekly turnover rose to 60 tonnes from 54 tonnes previously.
The price differential between KLTM and LME widened to a premium of US$1,450 a tonne from US$620 a week ago.
KLTM will be closed on Monday for the Yang di-Pertuan Agong’s official birthday. – Bernama, June 5, 2021
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