Tin closes lower on lack of demand
The tin price on the Kuala Lumpur Tin Market (KLTM) closed US$100 lower at US$23,700 on lack of demand, said dealers.
They said the decline was also in line with the commodity's performance on the London Metal Exchange (LME), which dropped by US$100 to US$23,600 a tonne.
A dealer said the tin price on the KLTM was influenced by the weak demand from buyers and huge offers by sellers.
On the local front, bids stood at 10 tonnes while offers amounted to 50 tonnes.
Turnover was lower at 27 tonnes from 32 tonnes yesterday, with Japanese, European and local traders accounting for the bulk of today's trading.
The premium between the KLTM and LME remained at US$500 a tonne.-- Bernama