Malaysian tin rose almost one percent on Thursday as a surge in the London price of the metal after the long holiday prompted Japanese and European buyers to pay a premium in Kuala Lumpur.
Spot tin on the Kuala Lumpur Tin Market closed up $60 at $6,630 a tonne. Traded volume dwindled to 88 tonnes from Wednesday's 98 tonnes. "Buyers paid a premium because of the LME, but they withdrew before the market went higher," said a trader.
Three-month tin on the London Metal Exchange, the main guide to Kuala Lumpur prices, was up almost 2 percent to $6,700 a tonne at Wednesday's close.
In Kuala Lumpur, Japanese, European and Malaysian buyers bid for a total of 148 tonnes during on Thursday's market, while sellers offered 89 tonnes.
At the final count, the Japanese ended up with 60 tonnes, the Europeans 20 tonnes and the Malaysians 8 tonnes.
Spot tin from Kuala Lumpur was trading at a premium of $120 a tonne over LME prices on a cost, insurance and freight (CIF) basis for voyages to Rotterdam, dealers said.
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