Tin price retreats on cautious trading
The tin price on the Kuala Lumpur Tin Market (KLTM) retreated to close US$150 lower at US$23,050 a tonne today due to cautious trading, a dealer said.
He said the local market was wary of Indonesia's new trading rule which halts the export of tin ingots, thus fanning concerns on supply among investors and pushing them to adopt a wait-and-see attitude.
The local market's performance was also in contrast to the increase in the price of the metal on the London Metal Exchange (LME).
"The LME tin price rose US$295 to US$23,295 a tonne on positive sentiment prompted by the US Federal Reserve's decision to maintain its bond buying programme," he told Bernama.
At the opening bell, bids stood at 27 tonnes, while sellers offered 75 tonnes.
Turnover rose to 42 tonnes from 25 tonnes on Thursday with the participation of Japanese, European and local buyers.
The premium between the KLTM and the LME narrowed to US$145 a tonne from yesterday's US$590 a tonne.-- Bernama