These are yesterdays (4 October 2010) prices and action which explains why today tin has soared in price.
"At the opening bell, buyers bid for 170 tonnes but sellers offered only 26 tonnes."
Tin sellers will be able to ask very high prices. They have started to run out of tin !!
4 October 2010
The tin price on the Kuala Lumpur Tin Market (KLTM) soared US$750 to close at a 25-and-a-half month high at US$25,050 per tonne today following a heavy shortage worldwide, dealers said.
A dealer said there was no short of buyers but a shortage of sellers existed in the market, creating some panic buying.
The tin price on the London Metal Exchange (LME), which normally influences global prices, rose up by US$700 to US$24,950.
On the KLTM, the day's turnover declined to 55 tonnes from 65 tonnes at Friday's closing with the participation of Japanese, European and local traders.
At the opening bell, buyers bid for 170 tonnes but sellers offered only 26 tonnes.
The price differential between the KLTM and LME widened to US$485 per tonne from last Friday's US$435. -- Bernama
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