Malaysian tin down 0.25 percent in correction mode

Tin fell a quarter percent in Malaysian trade on Monday, with the market trying to find footing after recent volatility, dealers said.
Spot tin on the Kuala Lumpur Tin Market slid $20, or 0.25 percent, to $7,930 a tonne. The traded volume was also lower at 40 tonnes, compared with Friday's 50 tonnes. Three-month tin on the London Metal Exchange, which often lends direction to the Kuala Lumpur market, was unchanged on Friday at $7,950 a tonne.
"Buyers were cautious after the gyrations last week between the market here and the LME," said a trader. He added that the local price was expected to move in the $7,900-$8,000 range for the rest of the week.
On Monday's market, European buyers dominated trade by purchasing 30 tonnes while the Japanese and locals took five tonnes each.
Dealers said the premium for shipping a tonne of Malaysian tin to Europe, calculated on a cost, insurance and freight (CIF) basis, fell to $175 from Friday's $195, dealers said.