Monday November 26, 2012
Tin prices seen to hover around US$20,500 this week
KUALA LUMPUR: Tin prices on the Kuala Lumpur Tin Market (KLTM) is expected to hover around US$20,500 a tonne this week, said a dealer.
“The market price direction will remain uncertain due to the prolonged unsettled eurozone crisis,” he said.
The tin prices were likely to trade in a tight range, he added.
During the week, the tin prices moved between US$20,400 and US$20,800 a tonne, with scattered buying mainly supported by the European, Japanese and local buyers.
The tin prices were on the uptrend on most days despite the commodity's seesaw performance on the London Metal Exchange (LME).
For the week just-ended, the tin price on the KLTM increased to US$20,600 a tonne compared with US$20,450 a tonne in the previous week.
The local market opened the week at US$20,400 a tonne and peaked at US$20,800 on Wed-nesday, and subsequently drifted to close marginally lower by US$200 at US$20,600.
The weekly turnover increased to 221 lots from 100 lots previously.
The price differential between the KLTM and the LME widened to a premium of US$535 a tonne from US$325 a tonne in the previous week. Bernama