The Kuala Lumpur Tin Market is expected to stay firm this week coupled with strong fundamentals and global supply shortage.
Dealers said that stockpiles have been relatively low and prices are expected to increase in tandem with demand. Production at several Indonesian mines had been hit by rough weather conditions, causing a decrease in supply.
The dealer said that worsening the situation, mining activities in China had been disrupted by power shortage. With an expected tight supply, he indicated that the tin price might go up to USD 27,500 per tonne next week with the increase in consumption globally.
Recently, the KLTM price raised USD 1,400 per tonne to USD 25,700 per tonne while on the influential London Metal Exchange it climbed USD 1,350 per tonne to USD 25,600 per tonne.
The KLTM weekly turnover dropped to 216 tonnes from 330 tonnes previously. The price differential between KLTM and LME stood at a premium of USD 520 per tonne up from USD 435 per tonne previously.
(Sourced from www.btimes.com.my)
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