Tin closes lower despite higher LME
The tin price on the Kuala Lumpur Tin Market (KLTM) closed US$100 lower at US$23,300 on sellers' reserve despite the higher finish on the London Metal Exchange (LME), a dealer said.
He said the metal's price on the LME closed US$50 higher at US$23,400 a tonne.
"KLTM closed lower despite the increase in the LME due to lack of buyers as they wanted to see how LME fares today. The local buyers were cautious as the prices on LME have shown uncertainties for almost two weeks," he added.
He also said that the price today was supported by scattered buying and low offerings.
At the opening bell, bids stood at 10 tonnes while sellers offered 26 tonnes.
Turnover rose to 26 tonnes from 21 tonnes on Monday with the participation of European, Japanese and local buyers.
The premium between the KLTM and the LME narrowed to US$290 a tonne from Monday's US$440 a tonne.-- Bernama