Malaysian tin down

06 Jun, 2004

Malaysian tin fell $20 a tonne on Friday, extending a correction from Thursday, despite a bounce in the London price, dealers said.
Spot tin on the Kuala Lumpur Tin Market (KLTM) closed at $9,800 a tonne on a volume of 65 tonnes.
It was down $70 a day ago, on a turnover of 50 tonnes.
Tin on the London Metal Exchange (LME), which often determines direction on the KLTM, was up $25 on Thursday, closing at $9,275 a tonne.
"There were not many sellers at the current price, that's why the local market didn't go up," said a KLTM trader.
Tin prices on both the Kuala Lumpur and London markets have been strong for months due to a tightness in global tin stocks.
Dealers expect the KLTM to soon hit $10,000 a tonne - a level it was last at in 1989.
In Friday's market, Japanese and local interests bid for a total of 35 tonnes initially, against offers of 50 tonnes.
Dealers said the drop on the KLTM versus rise on the LME narrowed the premium for shipping a tonne of Malaysian tin to Europe, including freight and other costs, to $750 from Thursday's $795.

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