KUALA LUMPUR: Tin price on the Kuala Lumpur Tin Market (KLTM) is likely to trade between US$19,950 and US$20,200 per tonne this week, said a dealer.
He said this could be possible after the tin price breached its year-to-date high last Monday although it remained range-bound throughout last week.
“Other than that, traders were wary of the new Covid-19 strain found in the United Kingdom, thus investors are cautious and have limited appetite on the metal and others alike, ” he told Bernama.
For the week just ended, the KLTM remained subdued and closed at US$20,030 per tonne, recording a marginal price difference with the metal price on the London Metal Exchange (LME).
On a Friday-to-Friday basis, the local tin ended the week US$90 higher at US$20,030 per tonne from US$19,940 per tonne the previous Friday, while on the LME it rose US$80 to US$20,040 from US$19,960 per tonne previously.
Turnover for the week amounted to 103 tonnes, a decrease from 134 tonnes in the week earlier.
Traders were from China, South Korea, Japan, Taiwan, European countries, the US, Pakistan, and Bangladesh.
The market was closed last Friday for Christmas and resumes today. — Bernama