TIN

THE Kuala Lumpur Tin Market (KLTM) closed slightly higher, rising by US$30 to US$27,100 a tonne yesterday as demand for the metal improved, backed by positive market sentiment, a dealer said.

He said the local traders had taken their cue from the recovery on the benchmark London Metal Exchange (LME), which moved as high as US$29,560 a tonne at one point.

The overnight closing metal price on LME was US$515 lower at US$26,400 a tonne.

The premium between the KLTM and LME widened to US$700 a tonne from US$155 a tonne on Thursday.

Buying support in the local market came from China, South Korea, Japan, Taiwan, Europe, Bangladesh, Pakistan and the United States.

At the close, turnover on the KLTM decreased to 20 tonnes from 21 tonnes on Thursday, while bids and offers stood at 23 tonnes and 18 tonnes, respectively, against 38 tonnes recorded in both bids and offers previously.