Malaysian tin rose $30 a tonne on Monday in a technical adjustment to recent gains on the London market, dealers said.
But trade was thin as sellers minimised offers, and spot tin on the Kuala Lumpur Tin Market (KLTM) ended at $8,970 a tonne on turnover of 36 tonnes, down from Friday's 40 tonnes.
It was the first rise by the market after four straight days of losses. "We were just catching up with last week's price changes on the LME," said a trader in Kuala Lumpur, explaining why the KLTM was up despite on Friday's lower close in London.
Pre-opening bids from Japanese and Malaysian interests totalled 51 tonnes on Monday, against offers of 41 tonnes. Buyers and sellers matched positions at 36 tonnes.
The rise in the KLTM versus the drop on the LME widened the premium for shipping a tonne of Malaysian tin to Europe, including freight and other costs, to $620 from $580 previously, dealers said.
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