KLTM DOWN US$50 PER TONNE IN TANDEM WITH LOWER LME

12 Jul 2013 11:19

KUALA LUMPUR, July 5 (Bernama) -- The Kuala Lumpur Tin Market (KLTM) shed US$50 per tonne to close at US$19,950 per tonne in tandem with the easier sentiment on the London Metal Exchange.

"Demand was subdued ahead of the weekend and investors were cautious as US and China were expected to release economic data next week.

"Players were also winding down their positions in the absence of clear leads," said a dealer, adding that buyers and sellers were also cautious on how LME would perform tonight.

At the opening bell, bids amounted to 23 tonnes against offers of 48 tonnes.

Turnover rose to 33 tonnes against 30 tonnes recorded yesterday, with European buyers accounting for 20 tonnes, followed by Japanese (seven tonnes) and local (six tonnes).

The premium between the KLTM and LME narrowed to US$285 per tonne from US$305 per tonne recorded yesterday.

-- BERNAMA

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