Commodities  |  JANUARY 30, 2016 6:13AM

Tin to trade sideways; traders await cues

Story by

tin ingot thumbThe Kuala Lumpur Tin Market (KLTM) is likely to trade sideways next week as traders await cues on the performance of tin and copper prices on the benchmark London Metal Exchange (LME),
dealers said.

A dealer said this trend is similar to the week just ended, even as traders wait for the new leads, and with the market to be closed on Monday for the Federal Territory Day public holiday.

“The tin price is expected to strike an uptrend in momentum, perhaps on the third and fourth day of the week,” the dealer said.

He added that more demand for tin will come with news that China, the biggest producer, is said to be cutting back on production.

Earlier this week, nine major Chinese tin producers were reported to be cutting production by 17,000 tonnes this year, forcing investors to stock up on inventory.

This might support the metal price in moving up in the short-term, the dealer said.

For the week-just-ended, the KLTM traded between US$13,620 and US$14,410 a tonne, mainly influenced by the performance of the metal on the LME and other issues affecting the Asian market.

European, Japanese, South Korean, Chinese, Latin American, Indian and local players accounted for the week’s turnover of 362 tonnes versus 361 tonnes last week.

The discounts between the KLTM and LME widened to US$100 a tonne against US$15 a tonne last Friday.

comments powered by Disqus