Tin rose 3 percent in Malaysian trade on Monday, spurred by last week's higher close in London. Spot tin on the Kuala Lumpur Tin Market closed up $220 at $7,750 a tonne, on volume of 65 tonnes. It had risen $70, or 1 percent, at its last session on Thursday. The market was closed on Friday for a Muslim religious holiday. "There was a lot of renewed buying interest after the long weekend and after what happened on the LME," said a trader.
Tin on the LME, or London Metal Exchange, rose $150 on Friday to close at $7,800 a tonne. The London market often dictates the trend in Kuala Lumpur when there are no local factors at play.
Dealers noted initial bids for 210 tonnes from Japanese, European and local buyers on Monday, against offers for 65 tonnes.
The sharper rise in the Malaysian price over the LME widened the premium for shipping a tonne of tin to Europe by $70 to $170.
The premium, calculated using freight, insurance and other financial costs, stood at $100 a tonne on Thursday.
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