Tin price to trade around US$23,000
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 US and China economic reports that favour the overall metal industry.
For the week just ended, the local tin price hovered between US$23,200 and US$22,850 per tonne, mostly influenced by the movement of the metal's price on the London Metal Exchange (LME).
On a Friday-to-Friday basis, the local tin price ended the week at US$22,930 per tonne compared with US$22,850 per tonne previously.
Weekly turnover increased to 166 lots from 153 lots last week, with European, Japanese and local buyers dominating the market.
The price differential between the KLTM and LME decreased to a premium of US$455 per tonne from US$505 per tonne last Friday.-- Bernama