13th August, 2012
KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) trend is expected to remain uncertain this week with prices likely to stay at the US$18,000 level, dealers said.
They said the level would attract more buyers into the market and the lower price would cause sellers to withdraw.
For the week just-ended, the tin price on the KLTM rose by US$300 to US$17,950 per tonne, after reaching a high of US$18,200 per tonne.
“This week’s performance was also supported by some scattered buying from the Japanese traders,” a dealer said on Saturday.
Another dealer said the movement at the global tin market price trendsetter, London Metal Exchange (LME), would also have a major impact on the performance of the KLTM.
Throughout the previous week, trading was mixed with buyers and sellers cautiously tracking the performance on the LME.
The KLTM opened the week at US$18,050 per tonne, and its performance deteriorated to end the week at US$17,950 per tonne, largely influenced by the bearish performance on the LME.
Weekly turnover fell to 45 lots from 170 lots in the previous week.
The price differential between KLTM and LME narrowed to a premium of US$375 per tonne from US$585 per tonne last Friday.