Tin to trade around US$23,000 next week
The tin price on the Kuala Lumpur Tin Market (KLTM) is expected to trade around the US$23,000 per tonne level next week on buying support from European and Japanese buyers, a dealer said.
The dealer said sentiment would also be boosted by the deal struck by the US lawmakers on Wednesday to avert a debt default and end the two-week government shutdown.
For the week just-ended, the local tin price hovered between US$23,400 and US$22,850 per tonne, mostly influenced by the movement of the metal price on the London Metal Exchange.
On a Friday-to-Friday basis, the local tin price ended the week at US$22,850 per tonne compared with US$23,500 per tonne previously.
Weekly turnover increased to 153 lots from 148 lots last week, with European, Japanese and local buyers dominating the market.
The price differential between the KLTM and the LME decreased to a premium of US$505 per tonne from US$540 per tonne last Friday.-- Bernama