By Suben Dali Ravindran
Tin price on the Kuala Lumpur Tin Market (KLTM) continued its downtrend from last Friday to close easier on January 7th at US$23,850, down US$150 a tonne today. A dealer said the KLTM downtrend was in tandem with the London Metal Exchange (LME) tin price which fell US$160 to US$23,825 a tonne last Friday.
“There was lack of buying interest at the opening level but sellers also withdrew when prices eased further” a dealer told Bernama today. He said the lower tin prices, however, attracted some scattered buying. At the opening bell, sellers offered 70 tonnes while bids amounted to 20 tonnes.
Turnover remained unchanged at 40 tonnes with the participation noted from Japanese, European and local traders.
The premium between the KLTM and the LME rose to US$430 per tonne from US$420 per tonne on Friday.
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