Malaysian tin fell on Tuesday as traders took profits after a jump in prices overnight on the London Metals Exchange. Spot tin ended down $90 at $7,810 a tonne on turnover of 25 tonnes. Turnover was 30 tonnes on Monday.
Three-month tin on the London Metal Exchange (LME), which normally dictates price directions in Kuala Lumpur, firmed $50 a tonne to close at $7,850 a tonne on Monday.
The bout of selling in Kuala Lumpur did not last long before sellers withdrew, a dealer said. There was scattered buying from Japanese bidders who took 13 tonnes and Malaysians who bought 12 tonnes. The premium for shipping a tonne of Malaysian tin to Europe calculated on a cost, insurance and freight basis tumbled to $165 from $305 on Monday, the dealer said.
Comments
Comments are closed.