Tin market closes at 10-year high of US$30,700 a tonne


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.

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

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

   

Next In Business News

Palm oil prices rally to a new high, benchmark above RM4,400 a tonne
Serba Dinamik to list on Nasdaq via Data Knights
Careplus posts strong Q1 results, says glove prices may have peaked
Ringgit closes higher vs US dollar
M3 Technologies board rebuts shareholders’ claims
Copper jumps to record as growth bets supercharge commodities
Bursa Securities freezes upper limit price for Widetech
Gloves give KLCI much needed lift as Covid cases climb
MSC Q1 profit climbs as tin prices reach ten-year high
BSN to implement BPR 2021 Phase 2 payments

Stories You'll Enjoy


Vouchers