Malaysian spot tin prices closed at $6,445 a tonne on Monday, the same as on Wednesday's finish, with the high local premium deterring European buyers.
Volume was 31 tonnes. The Malaysian market was closed for two days from Thursday for Lunar New Year holidays.
The local premium over London Metal Exchange grew to $420 a tonne from $230 on Wednesday, reflecting the fact that Kuala Lumpur was closed as London prices dropped.
The premium was around $200-$250 until December but a Malaysian price run since has seen it go beyond $400 a tonne, making Malaysian metal dear for European buyers.
Japanese and Malaysian buyers took all the tin offered on Monday.
On Friday, LME tin fell $95 to $6,210.
Comments
Comments are closed.