Tin closes sharply higher at US$23,785
The tin price on the Kuala Lumpur Tin Market (KLTM) rose sharply higher by US$1,005 to close at US$23,785 per tonne today in tandem with the firmer London Metal Exchange (LME), dealers said.
The LME tin price improved US$1,265 to close at US$24,025 per tonne.
"The rise on the KLTM was less than the LME due to buyers who withdrew when the price rose, while, sellers were reserved at the opening," said a dealer.
He added the market became quiet as buyers were cautious over how the LME would progress in the new week.
The price recorded on the KLTM today was a 7.5-month high from the US$24,100 posted on February 24.
At the opening bell on the KLTM, bids stood at 150 tonnes against offers of 21 tonnes.
Turnover increased to 21 tonnes from the 20 tonnes on Friday, with prices supported by scattered buying, mainly by Europeans, followed by the Japanese and local traders.
The premium between the KLTM and the LME narrowed to US$160 per tonne from US$420 tonne on Friday.-- Bernama