Malaysian tin closed higher on Wednesday, helped by strong buying interest from Japan and overnight gains on the London Metal Exchange (LME).
Spot tin on the Kuala Lumpur Tin Market (KLTM) ended up $120 at $9,150 a tonne. "We saw strong Japanese buying, and only a large offering prevented prices from going higher," said a trader, who expects the local tin price to hold above $9,000 this week.
Volume rose to 100 tonnes from Tuesday's 35 tonnes, with some demand also seen from local buyers. Tin on the LME rose $185 on Tuesday to $8,760 a tonne.
The smaller rise on the KLTM compared with the LME meant that the premium for shipping Malaysian tin to Europe, including freight and other costs, now stood at $615 a tonne versus $680 a day-said, said dealers.
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