Malaysian tin rose $45 on Wednesday as buying interest surged on the local market after the metal's value closed up in London trade a day ago.
Spot tin on the Kuala Lumpur Tin Market (KLTM) was quoted at $8,800 a tonne on a volume of 80 tonnes.
The market ended flat at $8,755 a tonne on Tuesday, after a transaction of 85 tonnes.
Dealers attributed the rise to the firmer price of tin on the London Metal Exchange (LME).
LME tin, which often lends direction to the Malaysian market, rose $25 to close at $8,775 on Tuesday.
"There was some good action on the KLTM after what transpired on the LME," said a dealer on the local market.
On Wednesday's KLTM initially saw bids for 130 tonnes from Malaysian and Japanese buyers, against offers for 65 tonnes.
Final turnover was 80 tonnes. The higher close on the KLTM versus the LME widened the premium for shipping a tonne of Malaysian tin to Europe, including freight and other costs, to $250 from $230 previously, dealers said.
Comments
Comments are closed.