Tin price closes higher at US$23,600 a tonne

Tin price on the Kuala Lumpur Tin Market (KLTM) continued to close higher Friday at US$23,600 a tonne, up by US$100 following the uptrend on the London Metal Exchange (LME), dealers said.

The price on the LME rose by US$185 to US$23,660 a tonne.

A dealer said today's selling activities were supported by scattered buying as traders closely monitored developments on the LME.

At the opening bell, bids outnumbered offers by 70 tonnes to 45 tonnes.

Turnover was higher at 45 tonnes from yesterday's 31 tonnes, with Europeans, Japanese and local traders dominating trading.

The premium between the KLTM and the LME narrowed to US$370 a tonne from yesterday's US$455 a tonne.-- Bernama