TIN PRICE CLOSES LOWER AT US$19,650 A TONNE ON LACK OF BUYING SUPPORT

12 Jul 2013 11:19

KUALA LUMPUR, July 12 (Bernama) -- Tin price on the Kuala Lumpur Tin Market (KLTM) closed lower by US$150 per tonne to US$19,650 per tonne on lack of buying support, dealers said.

They said the fall in the local tin market was also in tandem with the easier sentiments on the London Metal Exchange (LME) which saw the metal's price declining US$120 to US$19,455 per tonne.

Buyers were not interested when the opening price was at US$19,800 until the price dwindled.

A dealer said both buyers and sellers were cautious as they wanted to see how the LME would fare today.

At the opening bell, bids amounted to 15 tonnes against 48 tonnes offered. European, Japanese and local buyers accounted for the 23-tonne turnover today against 20 tonnes traded yesterday. The premium between the KLTM and the LME narrowed to US$555 a tonne from US$585 a tonne yesterday.

-- BERNAMA

JSS JSS TOM