European buyers help drive Malaysian tin higher

10 Dec, 2005

Malaysian tin prices ended slightly higher on Friday, pushed up by demand from European buyers after a rise in London prices, dealers said.
Spot tin on the Kuala Lumpur Tin Market rose $90, or about 1.4 percent, to end at $6,710 a tonne.
"The price was well supported by European buying," said one trader. "The rise here was checked by higher offerings."
Lime's three-month tin, the main guide to Kuala Lumpur tin, rose $125 to end on Thursday at $6,800.
Volume in Kuala Lumpur was 110 tonnes, up from 80 tonnes on Thursday. Initial bids totalled 160 tonnes against offers of 67 tonnes.
European traders eventually took 80 tonnes, Japanese buyers bought 19 tonnes and Malaysian dealers took 11 tonnes.
Spot tin fetched a premium of $100 a tonne over London Metel Exchange prices on a cost insurance and freight (CIF) basis for voyages to Rotterdam, dealers said.

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