Tin closed flat in Malaysian trade on Thursday, with European and Japanese buyers lending firm support to the market despite a drop in the London price of the metal.
Spot tin on the Kuala Lumpur Tin Market (KLTM) closed at $7,885 a tonne, unchanged from Wednesday. Traded volume rose to 73 tonnes from Wednesday's 25 tonnes. Three-month tin on the London Metal Exchange (LME), which often lends direction to the KLTM, fell $45 to $7,925 a tonne on Wednesday.
"In spite of the LME being down and higher offers by sellers at the open, there was better demand from Japanese and European buyers," said a trader.
Buyers from Europe, Japan and Malaysia bid for a total of 73 tonnes at the open of Thursday's market in Kuala Lumpur, matching what sellers had to offer.
Dealers records showed the Japanese ending up with 40 tonnes, Europeans 30 tonnes and Malaysians 3 tonnes.
Dealers said the premium for shipping a tonne of Malaysian tin to Europe - calculated on a cost, insurance and freight basis - rose to $155 from Wednesday's $110.
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