Tin price closes slightly higher

KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) closed slightly higher today at US$22,890 a tonne, up by US$40 on mild buying support, a dealer said.

He said despite the KLTM's uptrend, it was still underperforming in contrast to the London Metal Exchange (LME), due to lower demand.

"This is reflected in the smaller turnover and premium between the KLTM and LME. Sellers also seem to be adjusting to the poor demand which is reflected in the lower offerings," he added.

Meanwhile, the tin price on the LME increased by US$25 to US$23,000 a tonne.

On the local front, bids totalled 28 tonnes against the 20 tonnes offered.

Turnover rose to 28 tonnes from 21 tonnes today, with buyers mainly being the Japanese, Europeans and locals.

The premium between the KLTM and the LME slightly increased to US$295 a tonne from US$280 a tonne yesterday. --