Malaysian tin rose more than half percent on Friday, its first gain in three days, as it tracked a higher closing price for the metal in London.
Spot tin on the Kuala Lumpur Tin Market rose 0.7 percent, or $40, to $6,090 per tonne, on a volume of 60 tonnes. It fell 0.8 percent on Wednesday and closed flat on Thursday.
Three-month tin on the London Metal Exchange, the main guide to prices in Malaysia, rose $140 to $6,150 a tonne on Thursday. "The rise here was less than the LME, due to the withdrawal of buyers as the price went up," said a Malaysian trader.
European, Japanese and Malaysian buyers initially bid for 105 tonnes at the open of Friday's tin market in Kuala Lumpur. Sellers' first offer totalled 33 tonnes.
As the market went up, bids fell by 45 tonnes and offers rose by 27, resulting in a final turnover of 60 tonnes. Dealers said European buyers took 40 tonnes, Japanese 18 and Malaysians 2.
Spot tin was selling at a premium of $135 a tonne over LME prices on a cost, insurance, freight basis (CIF) for voyages to Rotterdam, dealers said.
Comments
Comments are closed.