Tin price may hit US$19,000/tonne
The Kuala Lumpur Tin Market (KLTM) is expected to touch the US$19,000 per tonne level next week on strong demand for the metal, dealers said.
According to the dealers, the KLTM will see investors pouring more money into the market as steady metal prices globally has made tin an attractive investment.
"Japan, which is traditionally a major user of tin, is expected to increase its orders," said one of the dealers.
Throughout the week, the market was firm except for Monday, taking its cue from the overnight losses on the London Metal Exchange (LME).
Another dealer said the tin price next week would also be influenced by the performance of the LME, which is the trendsetter for the global tin market.
"Trading during the week improved where bids were more than offers," he said.
On the KLTM, the tin price ended the week US$450 higher at US$18,300 per tonne compared to US$17,850 per tonne last Friday.
The LME saw the metal price at US$18,757 per tonne, up by US$645 from US$17,930 per tonne last Friday.
Turnover on the KLTM for the week rose to 505 tonnes from 445 tonnes last week with strong interest coming from Japanese, European and local traders.
However, the premium between the KLTM and the LME narrowed to US$80 per tonne this week from US$275 per tonne previously. -- Bernama
The highest price level for this year so far was at US$19,150 per tonne, recorded on April 27.
According to the dealers, the KLTM will see investors pouring more money into the market as steady metal prices globally has made tin an attractive investment. "Japan, which is traditionally a major user of tin, is expected to increase its orders," said one of the dealers.
Throughout the week, the market was firm except for Monday, taking its cue from the overnight losses on the London Metal Exchange (LME).
Another dealer said the tin price next week would also be influenced by the performance of the LME, which is the trendsetter for the global tin market.
"Trading during the week improved where bids were more than offers," he said.
On the KLTM, the tin price ended the week US$450 higher at US$18,300 per tonne compared to US$17,850 per tonne last Friday.
The LME saw the metal price at US$18,757 per tonne, up by US$645 from US$17,930 per tonne last Friday.
Turnover on the KLTM for the week rose to 505 tonnes from 445 tonnes last week with strong interest coming from Japanese, European and local traders.
However, the premium between the KLTM and the LME narrowed to US$80 per tonne this week from US$275 per tonne previously. -- Bernama
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