KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) is expected to continue its uptrend next week, with prices hovering between US$21,250 and US$21,400 per tonne.
A dealer said one factor that was expected to bolster the local tin market further was Prime Minister Tun Dr Mahathir Mohamad’s current three-day visit to Pakistan, as Pakistan was one of the constant buyers in the market.
“Coupled with stronger demand for the metal, I believe that the market will continue its upward momentum next week,” he told Bernama.
The dealer said the KLTM would also be influenced by the tin price movement on the London Metal Exchange (LME), the benchmark market for metals.
“The LME tin price has steadily increased over the week and is expected to rise further next week,” he said.
For the week just ended, demand on the KLTM came from China, South Korea, Japan, Taiwan, Germany, Europe, the United States, the United Kingdom, Pakistan, Bangladesh and local buyers.
On a Friday-to-Friday basis, KLTM tin was US$160 higher at US$21,300 per tonne compared with US$21,140 per tonne the preceding week, while weekly turnover increased to 293 tonnes from 219 tonnes.
Meanwhile, the price differential between the KLTM and LME was at a discount of US$175 a tonne on Friday, versus a discount of US$90 recorded a week earlier.- Bernama
