The tin price on the Kuala Lumpur Tin Market (KLTM) rose US$50 to close slightly higher at US$22,900 a tonne today, supported by renewed buying interest, a dealer said.
He said the price increase was in tandem with the rise in the metal price on the London Metal Exchange (LME), where it gained US$80 to settle at US$22,955 a tonne.
"The rise on the KLTM was less than the LME due to some buyers withdrawing when the price and offerings increased.
"Today's price was supported mainly by Japanese buyers," he told Bernama.
At the opening bell, bids amounted to 64 tonnes against offers of 33 tonnes.
Turnover decreased to 49 tonnes from 57 tonnes on Monday, with Japanese, European and local traders accounting for today's transaction.
The premium between the KLTM and the LME narrowed to US$345 a tonne from US$375 a tonne yesterday
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