KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) traded lower today, influenced by the downtrend in other metal prices, a dealer said.
The KLTM closed US$350 weaker at US$20,400 a tonne and found no support either on the London Metal Exchange where the tin price fell US$150 to US$20,400 a tonne.
"The fall on the KLTM was due to a technical correction and the price was mainly supported by scattered buying from European buyers," the dealer said.
The premium between the KLTM and the LME narrowed to US$385 a tonne from the US$585 a tonne registered yesterday.
The dealer told Bernama that the tin price is expected to be on a downtrend until Friday.
"This is also due to the current weak cooper price. But it is hoped that the tin price will not dip below US$20,000 a tonne, as it would then create an imbalance in the demand and supply situation in the market," he said.
At the opening, there were no buyers, while offers amounted to 110 tonnes.
Turnover decreased to 41 tonnes from the 30 tonnes on Monday.-- Bernama