Tin close lower tracking downtrend on LME
The tin price on the Kuala Lumpur Tin Market (KLTM) fell US$170 to close lower at US$23,130 a tonne today, tracking the downtrend seen in the metal price on the London Metal Exchange (LME), a dealer said.
On the LME, the tin price declined by US$50 to finish at US$23,125 per tonne.
The dealer told Bernama, the fall on the KLTM was due to a lack of buying at the opening.
"However, some sellers withdrew when the price fell," he said, adding, today's price was supported by scattered buying from Europe.
At the opening bell, bids stood at five tonnes, while sellers offered 45 tonnes.
Turnover slid to 23 tonnes from 28 tonnes on Wednesday with majority participation by the Europeans, followed by Japanese and local buyers.
The premium between the KLTM and the LME narrowed to US$405 a tonne from Wednesday's US$525 a tonne.-- Bernama