Malaysian tin was flat on Monday, narrowing its huge premium over the tin price on the London Metal Exchange (LME) after a sharp rise in London.
Spot tin on the Kuala Lumpur Tin Market (KLTM) ended unchanged at $8,200 per tonne on a volume of 45 tonnes. The price of tin on the LME, which often sets price directions in Kuala Lumpur, rose $295 to $8,300 a tonne on Friday.
"We're seeing a technical correction between the KLTM and LME price as on Friday's premium was very high," said a trader. The premium for shipping a tonne of Malaysian tin to Europe calculated on a cost, insurance and freight basis fell to $110 from $405 on Friday following the gain in London, dealers said.
The premium is normally between $100 and $200 a tonne. At the open, buyers sought 50 tonnes, against the 45 tonnes offered by sellers.
The session, European buyers took 20 tonnes, Japanese bought 18 tonnes and Malaysians 7 tonnes.
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