Tin price hits another fresh high at US$31,049 per tonne

KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) hit another fresh high of US$31,049 per tonne today, following strong demand for the metal, mainly from Europe, dealers said.

The tin price on the KLTM surged US$999 from last Wednesday's closing of US$30,050 per tonne.

They said the gain was also in line with the firmer London Metal Exchange (LME) price of tin which rose US$1,090 to US$31,250 a tonne last Friday,sparking buying interest on the local market.

The KLTM was closed for the Chinese New Year celebration last Thursday and Friday.

At the opening level buyers bid for 190 tonnes while sellers offered 30 tonnes.

Turnover was unchanged at 75 tonnes with the participation of Japanese, European and local traders.

Meanwhile, the price differential between the KLTM and LME, narrowed to a premium of US$215 a tonne, against US$310 a tonne previously. Source: the Star online