KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) continued its downtrend to close US$100 easier for US$22,700 a tonne today, dragged by low buying support for the commodity, a dealer said.
The dealer said investors took cue from the overnight loss in the metal price on the London Metal Exchange (LME), which slid US$40 to US$22,850 a tonne.
"Buyers were cautious at the opening, following the decline on the LME and while waiting for the tin market in Indonesia to resume trading for more direction.
"Sellers withdrew their positions when the price fell," he added.
At the opening bell, sellers offered 130 tonnes, while buyers only bid for 20 tonnes.
Turnover was slightly higher at 66 tonnes compared to 62 tonnes on Thursday, with the participation of Japanese, European, and local traders.
The premium between the KLTM and the LME narrowed to US$255 a tonne from US$315 a tonne yesterday.-- Bernama