KLTM closes lower at US$21,000 per tonne

BernamaWednesday, November 16, 2016

The Kuala Lumpur Tin Market (KLTM) continued its downtrend in closing US$350 lower yesterday at US$21,000 (RM90,300) per tonne and in line with the London Metal Exchange (LME), a dealer said.

The tin price on the LME fell US$570 to US$20,830 per tonne.

The dealer also said investors would be closely monitoring economic data from Europe and the US this week to gauge their next move.

This is also ahead of expectations of an interest rates increase by the US Federal Reserve in December.

Meanwhile, the KLTM yesterday was mainly supported by scattered buying from China, South Korea, Japan, Taiwan and Brazil, while sellers were locals.

Bids and offers each stood at 42 tonnes respectively, with turnover settling at 42 tonnes from 64 tonnes on Monday.

The price differential between the KLTM and LME yesterday stood at a premium of US$170 per tonne versus a discount of US$50 per tonne yesterday. — Bernama 

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