KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) rebounded sharply by US$450 yesterday to US$18,750 a tonne, driven by strong demand for the metal after the market was closed for Christmas holiday on Thursday.
A local tin trader said demand came from scattered buying by the European, Japanese and local traders.
“Bids were at 110 tonnes, with no sellers at the opening. So this was a technical correction, after the two-day market drop.
“The local market as well as other regional tin markets are boosted by the metal price’s sharp rebound on the London Metal Exchange (LME), which surged US$400 to US$18,800 a tonne,” he added.
Volume at close yesterday dipped to 37 tonnes from Wednesday’s 52 tonnes.
The premium between the KLTM and the LME narrowed to US$300 a tonne from US$380 a tonne on Wednesday. Bernama