Malaysian tin fell 1.1 percent on Wednesday, extending the previous day's loss after a sharp drop in the London price.
The spot contract on the Kuala Lumpur Tin Market dropped $75 to close at $6,650 a tonne. It fell 1.5 percent on Tuesday. "If not for some buying interest from Europe, the price here would have been lower," said a trader.
Three-month tin on the London Metal Exchange, the main guide to Kuala Lumpur prices, closed $200 lower on Tuesday at $6,600 a tonne.
Dealers noted initial buying interest for 36 tonnes against offers for 81 tonnes.
Final volume was 76 tonnes, up from Tuesday's 60, with European buyers taking 50 tonnes, Japanese buyers taking 20 tonnes, and six tonnes going to Malaysians.
Spot tin fetched a premium of $240 a tonne over LME prices, on a cost insurance and freight basis for voyages to Rotterdam, dealers said.
Comments
Comments are closed.