Tuesday September 6, 2011
KLTM closes lower on Tuesday
KUALA LUMPUR: The tin price on the Kuala Lumpur Tin Market (KLTM) closed US$380 lower at US$23,800 per tonne today, in line with the decline in the price of the metal on the London Metal Exchange (LME), dealers said.
The tin price on the London Metal Exchange (LME) fell by US$250 to US$24,000 per tonne. "The downtrend on the KLTM was mainly due to some buyers refusing to purchase even when the price fell," said a dealer.
On the local front, there were no bids at the opening while sellers offered 151 tonnes.
Turnover was at 75 tonnes, up from the 60 tonnes recorded yesterday, with the participation of Japanese, European and local traders.
The premium between the KLTM and LME decreased to US$185 per tonne against US$255 previously. - BERNAMA