Malaysian tin ended lower on Tuesday, pulling back on a correction after hitting a 22-month high last week, traders said. Spot tin on the Kuala Lumpur Tin Market (KLTM) ended down $15 at $9,255 per tonne on turnover of 59 tonnes despite firmer London prices.
The Malaysian price rose to $9,290 last week, the highest in 22 months, underpinned by global fund demand in commodities as a safe haven and hedge against inflation.
Three-month tin on the London Metal Exchange (LME) ended on Monday up $200 at $9,325. Buyers from Japan, Malaysia and Europe sought a total of 47 tonnes at the market's open, while sellers offered 59 tonnes.
The premium for shipping a tonne of Malaysian tin to Europe calculated on a cost, insurance and freight basis fell to $135, dealers said.