TIN

THE Kuala Lumpur Tin Market (KLTM) rebounded to close US$100 higher at US$20,700 a tonne, as demand for the metal surged mainly from Asian countries, a dealer said.

The better performance was also in line with the tin price on the London Metal Exchange (LME) in closing US$205 higher at US$20,760 a tonne.

“Trading on the KLTM was mainly supported by buying interest from China, South Korea, Japan, Taiwan and the United States,” he added.

Bids amounted to 33 tonnes against the 29 tonnes offered, while turnover stood at 29 tonnes, down 13 tonnes from Monday’s 42 tonnes.

The price differential between the KLTM and LME was at a discount of US$60 a tonne compared with Monday’s premium of US$45 a tonne.