KUALA LUMPUR, July 11 (Bernama) -- The Kuala Lumpur Tin Market (KLTM) closed sharply higher by US$470 per tonne to US$19,800 per tonne on good demand, dealers said.
The rise was in tandem with the London Metal Exchange (LME), where the metal gained US$265 per tonne to close at US$19,575.
"The KLTM's rise was sharp compared with the overnight LME," one dealer said, adding that the tin price on KLTM was supported by low offerings.
At the opening bell, bids amounted to 70 tonnes against offers of a mere six tonnes.
European and local buyers accounted for the turnover of 20 tonnes against 22 tonnes recorded yesterday.
The premium between the KLTM and the LME widened to US$585 a tonne from US$380 a tonne on Wednesday.
JSS JSS VMD