TIN LOWER AT US$19,400 A TONNE ON LACK OF BUYING SUPPORT

16 Jul 2013 07:54

KUALA LUMPUR, July 16 (Bernama) -- Tin price on the Kuala Lumpur Tin Market (KLTM) closed lower by US$250 per tonne to US$19,400 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 sentiment on the London Metal Exchange (LME) which saw the metal's price decline US$160 to US$19,360 per tonne.

A dealer said both buyers and sellers were adopting a wait-and-see stance as to how the LME would fare today for further market direction.

At the opening bell, bids amounted to 20 tonnes against offers of 45 tonnes.

European and local buyers accounted for today's turnover of 21 tonnes against 20 tonnes traded yesterday.

Japanese buyers were notably absent due to the Ocean Day celebration in Japan. The premium between the KLTM and LME narrowed to US$370 per tonne from US$460 per tonne recorded yesterday.

-- BERNAMA

FAU FAU VMD