KL tin price closes at new high

The tin price on the Kuala Lumpur Tin Market (KLTM) soared to another all-time high today, rising sharply by US$500 to settle at US$32,200 per tonne, as supply fears continued to pressure the price.

A dealer said overseas buying has been the engine behind the price rally, which is expected to continue as traders continued to chase supply.

"Sellers are refusing to sell at the current price level as they waiting for the price to reach US$35,000 in the near future," he added.

Similarly, the tin price on the London Metal Exchange (LME) also hit an all-time high of US$32,550, moving higher by US$750 per tonne on lower production,especially from the world's second largest producer of the metal, Indonesia.

The local market was closed yesterday for the Maulidur Rasul holiday. At the opening bell today, buyers bid for 100 tonnes, while sellers offered only 30 tonnes.

Turnover decreased to 55 tonnes from 59 tonnes last Monday, with the participation of Japanese, European and local traders. The premium between the KLTM and the LME narrowed to US$115 per tonne today against US$365 per tonne previously. -- Bernama