Malaysian tin closed unchanged on Monday, as traders waited to see how prices in London would fare after markets in Japan and China opened following a long holiday, dealers said.
Spot tin on the Kuala Lumpur Tin Market (KLTM) closed unchanged at $9,350 per tonne, after having settled up $70 on Friday. "We expect the price to be around the $9,350-$9,450 level this week," one dealer said.
Volume fell to 23 tonnes, less than half of Friday's volume of 56 tonnes, as European buyers stayed away. On the London Metal Exchange, tin lost $50 to $9,350 per tonne, after having gained $125 on Thursday.
At the open in Kuala Lumpur, buyers sought a total of 28 tonnes, against offers of 23 tonnes. By the end of the session, Japanese buyers had taken up 12 tonnes and Malaysians 11 tonnes.
The premium for shipping a tonne of Malaysian tin to Europe - calculated on a cost, insurance and freight basis - rose to $210 from $160, taking into account the fall in the London price, dealers said.