Tin fell $10 a tonne in Malaysian trade on Monday as sellers surfaced in huge numbers amid the London market's closure for Easter. But bids from European, Japanese and local buyers came in at the lower end, preventing the spot price on the Kuala Lumpur Tin Market from declining further. The spot price settled at $8,220 a tonne, down from Friday's $8,230. The traded volume surged, however, to 103 tonnes from 59 tonnes on Friday.
The tin market on the London Metal Exchange (LME) was closed on Friday ahead of the long Easter weekend.
It was last traded at $8,200 a tonne and resumes business on Tuesday.
The London price of tin often lends direction to the market in Kuala Lumpur.
Dealers have said they do not expect much movement in the Malaysian price until on Tuesday. Initial offers for Malaysian tin stood at 103 tonnes on Monday's market, against bids of 60 tonnes.
The $10 drop in the Malaysian price versus the unchanged value in London narrowed accordingly the premium for a tonne of Malaysian tin destined for European markets.
The premium calculated using freight, insurance and other financial costs stood at $240 a tonne on Monday compared with $250 on Friday.
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