KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) fell sharply yesterday by US$275 to end at US$20,000 a tonne, on a technical correction and in line with the lower sentiment for the commodity on the London Metal Exchange (LME).
The LME tin price decreased US$405 to US$20,045 a tonne, said a dealer.
The dealer said the metal price was lower at the opening bell in the absence of buyers, while sellers withdrew, prompting prices to decline further.
The market saw scattered support from Japanese, European and local traders.
At the opening bell, there were no bids against offers of 106 tonnes. Turnover inched up to 50 tonnes from 49 tonnes on Tuesday, while the premium between the KLTM and the LME widened to US$305 a tonne from US$175 a tonne. Bernama