Tin closes higher at US$23,300 a tonne

KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) closed US$120 higher at US$23,300 a tonne today on strong buying demand ahead of the weekend, a dealer said.

He said the rise on the KLTM was also in tandem with the uptrend on the London Metal Exchange(LME), which rose US$140 to US$23,400 a tonne.

"Today's buying was mainly supported by Japanese and European buyers," he added.

Bids totalled 65 tonnes against offers of 26 tonnes.

Turnover increased to 59 tonnes from 32 tonnes on Thursday with Japanese, Europeans and locals accounting for today's trade.

The premium between the KLTM and the LME slightly decreased to US$310 a tonne from US$330 a tonne yesterday.