Tin price closes lower at US$22,780
Tin price on the Kuala Lumpur Tin Market (KLTM) closed lower by US$210 at US$22,780 a tonne today due to lack of demand, a dealer said.
He said the slide was also in tandem with the fall in the metal's price on the London Metal Exchange (LME) which closed US$65 lower at US$22,760 a tonne.
"The fall in the KLTM was more than the LME due to a technical correction and lack of buyers. However, some buying emerged at a lower price but sellers were seen withdrawing when the price fell," a dealer said.
At the opening bell, bids stood at 10 tonnes, while sellers offered 45 tonnes.
Turnover fell to 20 tonnes from 28 tonnes on Thursday, with the
participation of European and local buyers, while the Japanese buyers remained on the sidelines.
The premium between the KLTM and the LME narrowed to US$420 a tonne from yesterday's US$555 a tonne.-- Bernama