KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) closed at a 10-year high of US$30,700 per tonne today, rising by US$450 from US$30,250 per tonne on Tuesday due to stronger demand from buyers, a dealer said.
He said the last time the KLTM had breached the US$33,000 per tonne level was in April 2011.
"The significant price hike was also in line with the metal’s upward momentum on the London Metal Exchange (LME), ” he said to Bernama, adding that the tin price rose by US$1,030 to end at US$29,330 per tonne on the LME.
As such, the price difference between the KLTM and the LME narrowed to a premium of US$1,370 per tonne from US$2,050 per tonne on Friday.
The LME was closed on Monday for the Early May Bank holiday.
At the opening bell, bids stood at 450 tonnes, while offers stood at 13 tonnes.
The local tin market received buying support from the United States, Pakistan, Bangladesh, China, South Korea, Japan, Taiwan, Europe and one local seller.
At the close, turnover eased by one tonne to 17 tonnes, while bids stood at 17 tonnes and offers at 22 tonnes. - Bernama