Tin price closes lower

Tin price on the Kuala Lumpur Tin Market (KLTM) continued to close lower on Monday at US$23,450 a tonne, down US$50 following the downtrend on the London Metal Exchange (LME), dealers said.

The metal's price on LME decreased by US$250 to US$23,155 a tonne.

A dealer said amid the easier market performance, the losses in the local market were narrowed compared to the LME due to sellers turning cautious after seeing the downtrend on the LME and limiting their offers.

Today's prices were also supported by scattered buying interest and low offering by sellers, he added.

At the opening bell, offers outnumbered bids by 47 tonnes to 30 tonnes.

However, turnover was lower at 35 tonnes from 40 tonnes last Friday, with Europeans, Japanese and local traders dominating trade.

The premium between the KLTM and the LME widened to US$725 a tonne from US$525 a tonne last Friday.-- Bernama