Tin to trade at around US$23,000 next week
The tin price on the Kuala Lumpur Tin Market (KLTM) is expected to trade at around the US$23,000 per tonne next week with demand mostly from foreign buyers, a dealer said.
Speaking to Bernama, he said, the weakening US dollar, coupled with supportive economic data coming out from the US and China, will influence the metal's price next week.
The local market would also continue to track movements on the London Metal Exchange, the global trendsetter for tin market, he said.
For the week just-ended, the local tin price moved between US$23,000 and US$23,300 per tonne, mostly influenced by the movements of the metal's price on LME.
On a Friday-to-Friday basis, the local tin price ended the week at US$23,000 per tonne compared with US$22,930 per tonne previously.
Weekly turnover rose to 167 lots from 166 lots last week, with the European, Japanese and local buyers dominating the market.
The price differential between the KLTM and LME rose to a premium of US$500 per tonne from US$455 per tonne last Friday.-- Bernama