Malaysia's tin market climbed back above $9,000 a tonne for the first time in a month on Friday after fund buying pushed up base metals prices on the London Metal Exchange (LME), but profit-taking could erase some of the gains next week.
Tin on the Kuala Lumpur Tin Market (KLTM) rose $100 to $9,055 a tonne on a volume of 95 tonnes. It last traded above $9,000 on September 2.
Dealers noted initial bids at 275 tonnes while offers were much less at 84 tonnes. Buyers came from Europe, Japan and Malaysia.
LME tin was last quoted at $9,140 a tonne on Thursday, up from $9,000 previously.
"There were so many buyers when the market opened, but many later withdrew when prices continued to climb," said one dealer.
"We would have watch the LME to see if the funds will take profit today. If that happens, the KLTM will fall. But I believe steady demand will provide some support," he said.
Dealers said the premium for shipping a tonne of Malaysian tin to Europe, after freight, insurance and other financial costs, narrowed to $150 from $190 on Thursday.
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