Tin price closes lower at US$22,850 a tonne
The tin price on the Kuala Lumpur Tin Market (KLTM) fell US$350 per tonne today to close at US$22,850 per tonne on a technical correction, dealers said.
The dip on the KLTM was also in tandem with the decline in the commodity price on the London Metal Exchange (LME), which slid US$425 per tonne to US$22,825 per tonne.
"The market saw some sellers withdrawing when the price fell off. The lower price today attracted some scattered buying, mainly from Europe," a dealer said.
At the opening bell, bids amounted to 10 tonnes against offers of 78 tonnes.
Turnover increased to 37 tonnes against the 32 tonnes recorded on Wednesday, with European, Japanese and local traders accounting for today's transaction.
The premium between the KLTM and the LME widened to US$424 per tonne from US$350 per tonne yesterday.-- Bernama