Tin price extend losses to close lower
The tin price on the Kuala Lumpur Tin Market (KLTM) extended losses to close US$130 lower at US$23,000 a tonne today, a dealer said.
The slide was also in tandem with the downtrend on the London Metal Exchange (LME), where the tin price fell by US$225 to settle at US$22,900 per tonne on a lack of demand.
The dealer said sellers withdrew their position when the price declined, but the cheaper price, managed to later attract some scattered buying to support the local market.
At the opening bell, bids stood at 28 tonnes, while sellers offered 55 tonnes.
Turnover slid to 35 tonnes from 23 tonnes on Thursday with European, Japanese and local buyers accounting for the day's trade.
The premium between the KLTM and the LME widened to US$500 a tonne from Thursday's US$405 a tonne.-- Bernama