The Kuala Lumpur Tin Market (KLTM) is expected to be higher next week, with the weakening of the US dollar and a supply shortage of the commodity, dealers said.
They said the metal's price could reach US$27,000 per tonne next week.
Indonesia, the world's leading producer of tin, is facing disruption in production due to heavy rains.
It was reported that PT Timah, an Indonesia-based mining company, has stopped sales on the spot market as heavy rains had disrupted its production.
The US dollar, meanwhile, weakened on expectations that the US Federal Reserve will embark on measures to support the faltering US economy.
During the week, tin price on the KLTM hit a new high on Thursday at US$26,900 per tonne.
On Friday, the price eased to US$26,650 per tonne following profit-taking.
On a Friday-to-Friday basis, the KLTM price rose US$950 to US$26,650 per tonne while on the London Metal Exchange (LME), it climbed US$1,100 to US$26,800 per tonne.
The KLTM weekly turnover dropped to 270 tonnes from 216 tonnes last week.
The price differential between the KLTM and LME stood at a premium of US$120 per tonne, down from US$520 per tonne previously. -- Bernama. Source: Business Times
They said the metal's price could reach US$27,000 per tonne next week.
Indonesia, the world's leading producer of tin, is facing disruption in production due to heavy rains.
It was reported that PT Timah, an Indonesia-based mining company, has stopped sales on the spot market as heavy rains had disrupted its production.
During the week, tin price on the KLTM hit a new high on Thursday at US$26,900 per tonne.
On Friday, the price eased to US$26,650 per tonne following profit-taking.
On a Friday-to-Friday basis, the KLTM price rose US$950 to US$26,650 per tonne while on the London Metal Exchange (LME), it climbed US$1,100 to US$26,800 per tonne.
The KLTM weekly turnover dropped to 270 tonnes from 216 tonnes last week.
The price differential between the KLTM and LME stood at a premium of US$120 per tonne, down from US$520 per tonne previously. -- Bernama. Source: Business Times
TEXTAREA_ID
0 komentar:
Post a Comment
Silahkan isi komentar soal artikel-artikel blog ini.