Tin lost 1.6 percent in Malaysian trade on Monday as Japanese and local buyers bid lower for the metal after it slid sharply in London last week.
The spot contract on the Kuala Lumpur Tin Market (KLTM) fell $110 to $6,600 a tonne in volume of 54 tonnes. Dealers said the market was weighed down on Friday's losses in tin on the London Metal Exchange.
Three-month tin on the LME closed down $95 to $6,560 a tonne last week in line with the drop in market leader copper. "The Japanese only came in to buy at the lower level here, and some sellers even withdrew when the market went down," said a KLTM trader.
"But the premium is at a reasonable level," he said, referring to the premium for shipping a tonne of Malaysian tin to Europe, which fell to $255 from Friday's rate of $270.
Trading for the week should be cautious, dealers said. "The range is likely to be from $6,600 to $6,800," said one dealer. On Monday's market, Japanese and Malaysian buyers put in bids totalling 21 tonnes, against the 86 tonnes offered by sellers.
Of the final turnover of 54 tonnes, the Japanese took 40 tonnes and the Malaysians the balance.
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