KUALA LUMPUR: The tin price on the Kuala Lumpur Tin Market (KLTM) closed US$660 lower to US$22,500 a tonne today on renewed buying support, a dealer said.
He said the price decrease was in tandem with a sharp drop in the metal's price on the London Metal Exchange(LME), where the tin price eased by US$800 to settle at US$22,450 a tonne.
"However, the price fall on the KLTM was less than on the LME as some buyers withdrew when the price spiralled.
"The local market was supported by scattered buying from Europeans and Japanese," he said.
At the opening bell, bids stood at 125 tonnes, while sellers offered 10 tonnes.
Turnover eased to 63 tonnes from 76 tonnes on Tuesday, with Europeans, Japanese and local buyers accounting for the day's trading.
The premium between the KLTM and the LME widened to US$435 a tonne from Monday's US$295 a tonne.
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