Tin price closes lower at US$22,880
Tin price on the Kuala Lumpur Tin Market (KLTM) closed US$100 lower to US$22,800 a tonne today, tracking the decline of the commodity's price on the London Metal Exchange (LME) Tuesday, a dealer said.
Tin price on the LME was also down by US$100 to US$22,900.
The dealer said there was lack of buyers in the market as most of the traders remained on the sidelines as they want to see the commodity's price movement on LME later today.
At the opening, there were more sellers in the market than buyers, with 40 tonnes to 15 tonnes.
The day's turnover declined to 20 tonnes from 28 tonnes yesterday, with buying interest coming from mostly European, Japanese and local traders.
The premium between the KLTM and the LME was unchanged at US$370 a tonne like yesterday.-- Bernama