KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) dipped to a seven-month low yesterday in line with the decline in global steel and metal prices, dealers said.
It closed lower by US$190 to US$21,960 a tonne, the lowest since Jan 29, when it dropped to US$21,900 a tonne.
Dealers said the market was influenced by the commodity’s poor performance on the London Metal Exchange, falling by US$255 to US$21,750 a tonne.
At the opening on the KLTM, there were no bids, against offers of 75 tonnes.
As a result, the day’s turnover stood at 38 tonnes compared to 27 tonnes yesterday, with trading dominated by European, Japanese and local traders.
The premium between the KLTM and the LME widened to US$615 a tonne from US$550 previously. Bernama