TIN

THE Kuala Lumpur Tin Market (KLTM) is expected to continue its uptrend, trading between US$32,200 and US$33,500 per tonne on the back of increasing buying activities from traders, said a dealer.

He said demand is likely to surge as international buyers would likely look forward to stocking up on the commodity amid the shorter trading week due to the Aidilfitri celebration beginning next Thursday.

“The KLTM market is expected to see quiet trading from local traders ahead of the festive season, however, international traders will probably be active and continue to increase buying activities.

“Therefore the price is expected to continue to increase due to more demands from traders amid tight supply,” he told Bernama.

Meanwhile, the International Tin Association said tin prices are currently at a decade high following news that a major smelter, Malaysia Smelting Corp (MSC) would be operating at reduced capacity until year-end.

On Friday, the KLTM closed at a 10-year high of US$32,350 per tonne. The last time it had breached the US$30,000 level was in March 2011.