Tin to trade around US$23,500 next week
The tin price on the Kuala Lumpur Tin Market (KLTM) is expected to trade around the US$23,500 per tonne level next week amid cautious trading, a dealer said.
The dealer said sentiment would continue to be weighed on by the progress of the US debt limit talks and government shutdown.
He said investors are also likely to follow the movement of the tin price on the London Metal Exchange (LME), the global trendsetter for the metal.
For the week just-ended, the local tin price hovered between US$23,500 and US$23,800 per tonne, mostly influenced by the movement of the metal price on the LME.
On a Friday-to-Friday basis, the local tin price ended the week at US$23,500 per tonne compared to US$22,780 per tonne previously.
Weekly turnover increased to 148 lots from 115 lots last week, with European, Japanese and local buyers dominating the market.
The price differential between the KLTM and the LME widened to a premium of US$540 per tonne from US$420 per tonne last Friday.-- Bernama