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Commodities  |  JANUARY 29, 2016 4:34AM

KLTM closes US$260 lower at US$14,150 a tonne

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Myanmar Tin IngotsThe Kuala Lumpur Tin Market (KLTM) fell US$260 to close at US$14,150 a tonne, as traders remained on the sidelines ahead of the long weekend, dealers said.

This was in tandem with the tin price on the benchmark London Metal Exchange (LME) which finished US$200 per tonne lower at US$14,250 a tonne.

“At first there were no buyers as traders were waiting for the tin price to come down and only when it was trading at US$14,150 a tonne, down US$260 from yesterday’s US$14,410 a tonne, did buying interest emerge from European, Japanese, South Korean, Indian, Chinese and Latin American traders,” a dealer said.

The market was actively trading, with both bids and offers at 94 tonnes.

Turnover rose by 31 tonnes to 94 tonnes versus 63 tonnes on Thursday.

The discount between the KLTM and LME widened to US$100 a tonne from US$40 a tonne yesterday.



 
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