Tin closes lower at US$22,850 per tonne
The tin price on the Kuala Lumpur Tin Market (KLTM) fell US$250 to close lower at US$22,850 a tonne today, tracking the downtrend seen in the metal price on the London Metal Exchange (LME), a dealer said.
On the LME, the metal price declined by US$260 to US$22,745 per tonne, amid the tight global supply condition.
Speaking to Bernama, the dealer also said the fall on the KLTM was due to an increase in the selling volume against bids at the opening.
"However, some sellers withdrew when the price fell," he said, adding, some good buying support emerged from Japan at the lower price.
At the opening bell, bids stood at 10 tonnes, while sellers offered 97 tonnes.
Turnover increased to 60 tonnes from 40 tonnes on Thursday with majority participation from the Japanese, followed by European and local buyers.
The premium between the KLTM and the LME widened to US$505 a tonne from Thursday's US$495 a tonne.-- Bernama