Tin price closes lower at US$23,100 a tonne
Tin price on the Kuala Lumpur Tin Market (KLTM) closed US$200 lower at US$23,100 a tonne today, tracking the decline of the commodity's price on the London Metal Exchange (LME), a dealer said.
The tin price on the LME was also down by US$325 to US$23,075 a tonne.
The dealer said the fall on the local market was less then the price drop on the LME due to technical correction of the KLTM price with the LME's. Some traders were seen withdrawing from the market when the price fell.
At the opening, bids stood at 10 tonnes while sellers offered 45 tonnes.
The day's turnover declined to 20 tonnes from 26 tonnes yesterday, with buying interest coming mostly from European traders while Japanese and local traders showed similar interest.
The premium between the KLTM and the LME widened to US$385 a tonne from US295 a tonne on Tuesday.-- Bernama