Malaysian tin ended flat on Thursday as players sought to cut a widening premium for the metal in Europe. Spot tin on the Kuala Lumpur Tin Market (KLTM) settled at $8,865 a tonne, unchanged from Wednesday. Volume totalled 35 tonnes, against 25 the previous day. Tin on the London Metal Exchange rose $90 to $8,825 a tonne overnight.
The flat close on the KLTM compared with the rise on LME narrowed the premium for shipping a tonne of Malaysian tin to Europe by $90 to $270 a tonne.
On Wednesday, the premium, calculated using freight, insurance and other financial costs stood at $360 a tonne. "The premium is alright now," said a KLTM trader. "Anything above $300 is pricey."
Dealers on the Malaysian market noted initial bids for 35 tonnes, versus offers for 40. Buyers came from Japan and Malaysia.
Comments
Comments are closed.