Tin price closes at US$23,650 a tonne

Tin price on the Kuala Lumpur Tin Market (KLTM) closed at US$23,650 a tonne, up by US$50, following the uptrend on the
London Metal Exchange (LME), dealers said.

The price on the LME rose by US$140 to US$23,800 a tonne.

A dealer said the KLTM price was slightly up but not more than the LME's as the buyers were cautious.

"They wanted to see how the market trades and what's the new price after the weekend break.

"However, today's price is just as what we have predicted last week," he said, adding that tomorrow's price may remain the same as today.

At the opening bell, bids outnumbered offers by 44 tonnes to 32 tonnes.

Turnover was 34 tonnes from last week's 45 tonnes, with Europeans, Japanese and local traders dominating trading.

The premium between the KLTM and the LME narrowed to US$280 a tonne from US$370 a tonne on Friday.-- Bernama