Tin price to move US$23,300-US$23,500
The Kuala Lumpur Tin Market (KLTM) is expected to move between US$23,300 and US$23,500 a tonne next week, a dealer said.
He said the lack of supply from Indonesia and seasonal demand from European and Japanese buyers were expected to push the price higher next week.
"The Indonesian government's regulation restricting the export of tin looks like a long-term measure," he told Bernama, pointing at the current tight supply following the halt in the export of tin ingots from Indonesia.
He said investors were also likely to follow the movements of the tin prices on the London Metal Exchange (LME), the global trendsetter for the metal.
For the week just-ended, the local tin prices moved between US$22,880 and US$23,250 a tonne, mostly influenced by the movements of the metal's prices on the LME.
The local tin price ended the week at US$23,250 per tonne compared with US$23,050 per tonne last Friday.
Weekly turnover increased to 139 lots from 130 lots last week, with European, Japanese and local buyers dominating the market.
The price differential between the KLTM and the LME widened to a premium of US$415 per tonne from US$145 per tonne last Friday.-- Bernama