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Malaysian tin rose almost 1 percent on Friday after European buyers monopolised the market, snapping up a limited volume offered by sellers.
Spot metal on the Kuala Lumpur Tin Market (KLTM) climbed $55, or 0.9 percent, to close at $6,415 a tonne on a volume of just 20 tonnes. It fell $100, or 1.5 percent, on Thursday after transactions totalling 65 tonnes.
On Friday's market was helped by a slight firming of the tin price on the London Metal Exchange, KLTM dealers said. Three-month tin on the LME edged up $20 to $6,400 a tonne on Thursday.
The London tin price often lends direction to the KLTM. "The volume of tin offered today was very low because sellers were not keen to dispose at current prices," said a trader in Kuala Lumpur.
"Whatever was available, the Europeans took." Dealer records show the Europeans entering the market, seeking 25 tonnes, against the 10 tonnes initially offered.
Sellers added another 10 tonnes later. Japanese buyers the KLTM's biggest clients and major users of tin for soldering and plating purposes in their electronics and food industries were absent for a second straight day.
The $35 difference between the rises on the KLTM and LME widened accordingly the premium for shipping a tonne of Malaysian tin to Europe.
The premium, which takes into account freight, insurance and other costs, rose to $220 a tonne from Thursday's rate of $185.

Copyright Reuters, 2005

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