Malaysian tin rose 1.6 percent on Friday, extending a rebound from the recent selloff, helped by further gains on the London Metal Exchange. Spot tin on the Kuala Lumpur Tin Market (KLTM) ended up $110 at $7,125 a tonne.
It rose $30 on Thursday, snapping a five-day losing streak during which the market fell 6 percent.
Traders said the KLTM could rise further if the tin price in London stayed firm, adding that they expected the market to trade between $7,100 and $7,300 a tonne next week.
Third-month tin on the London Metal Exchange rose $100 to $7,250 a tonne on Thursday, extending on Wednesday's $270 gain. The London market often lends direction to the price in Kuala Lumpur. On Friday's volume on the KLTM stood at 124 tonnes, up from Thursday's 90 tonnes, with Japanese buyers taking 60 tonnes, Europeans 50 tonnes and Malaysians 14 tonnes. The $10 difference between the rise on the KLTM and the LME widened accordingly the premium for shipping a tonne of Malaysian tin to Europe The shipping premium, which takes into account freight, insurance and other costs, rose to $95 a tonne from $85 on Thursday.
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