fundaentals are strong, page-9

KUALA LUMPUR: The tin price on the Kuala Lumpur Tin Market (KLTM) rose by US$220 to close at a fresh high of US$27,720 per tonne today.


The tin price on the KLTM was tracking the firmer overnight commodity prices on the London Metal Exchange (LME), dealers said.


A dealer said, demand was still strong, particularly from Europe but sellers are reluctant to sell at higher prices.

"We expect there will be less offerings in the local market this week as the price is expected to rise further, bolstered by strong demand for the commodity overseas.


"The local tin price is likely to hit US$28,000 a tonne in a day or two," he added.


On the LME, the tin price surged US$350 to US$28,095 a tonne.

Turnover on the KLTM was down to 40 tonnes from the 100 tonnes on Monday with the participation of Japanese, European and local traders.

Meanwhile, the price differential between the KLTM and LME, narrowed to a premium of US$45 a tonne against the US$175 a tonne previously. -- BERNAMA



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