Malaysian tin rose $40 a tonne on Friday on a technical price adjustment as the value of the metal remained firm in London despite corrections in Kuala Lumpur this week.
Spot tin on the Kuala Lumpur Tin Market (KLTM) closed at $8,785 a tonne on a trade of 76 tonnes.
It fell $55 on Thursday, after a transaction of 85 tonnes. "Today was a technical adjustment, if you ask me," said a trader on the KLTM.
"We've gone down quite a bit while the price on the LME has been quite stable." Tin on the London Metal Exchange (LME) closed $10 up on Thursday at $8,800 a tonne. The LME lends direction to the KLTM when the local market is not following its own fundamentals.
Dealers said there were initially bids for 110 tonnes from Malaysian and Japanese buyers on the KLTM on Friday, against offers for 76 tonnes.
The bigger rise on the KLTM versus the LME widened the premium for shipping a tonne of Malaysian tin to Europe, including freight and other costs, to $210 from $180 previously, dealers said.
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