Malaysian tin fell $55 a tonne on Thursday as sellers seized the chance to profit on recent gains in the market despite a fresh rise in the metal's price in London.
Spot tin on the Kuala Lumpur Tin Market (KLTM) was quoted at $8,745 a tonne on a volume of 85 tonnes. It rose $45 on Wednesday, on a transaction of 80 tonnes. Tin on the London Metal Exchange (LME) closed $15 up at $8,760 a tonne on Wednesday.
The LME lends direction to the KLTM when the local market is not following its own fundamentals. Dealers said there were initially offers for 121 tonnes on the KLTM on Thursday, against bids for 85 tonnes from Malaysian and Japanese buyers.
But sellers withdrew when buyers went lower and turnover for the day settled at 85 tonnes.
The drop on the KLTM versus the rise on the LME narrowed the premium for shipping a tonne of Malaysian tin to Europe, including freight and other costs, to $180 from $250 previously, dealers said.
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