Tin rebounded in Malaysian trade on Monday as a smaller quantity offered by producers helped to offset a weaker trend in London. Spot tin on the Kuala Lumpur Tin Market closed up $30, or 0.3 percent, at $8,800 a tonne on turnover of 43 tonnes. It fell 0.6 percent on Friday on volume of 75 tonnes. "It's up largely because of the small offering. There's a bit of correction on the LME after the recent gains, but we're expecting a further rise in the near term," said a trader.
Tin on the London Metal Exchange (LME), which often dictates price direction in Kuala Lumpur, closed $40 down on Friday at $8,760 a tonne. Dealers noted initial bids for 50 tonnes from Japanese and local buyers on the KLTM on Monday, against offers for just 28 tonnes.
The rise in the KLTM price versus the drop on the LME widened the premium for shipping a tonne of Malaysian tin to Europe by $70 to $270.
The premium calculated using freight, insurance and other financial costs stood at $200 a tonne on Friday.
Comments
Comments are closed.