Tin closes lower at US$23,280 a tonne on poor demand

KUALA LUMPUR:- The Kuala Lumpur Tin Market (KLTM) closed US$70 lower at US$23,280 a tonne on lack of demand for the commodity, a dealer said.

In contrast, tin price on the London Metal Exchange(LME) rose by US$50 to US$23,425 a tonne.

"There is heavy selling in the market at the opening and it seems that most Asian buyers have shifted their interest from KLTM to the Indonesian tin market due to its competitive price," he added.

Bids totalled 29 tonnes against offers of 78 tonnes. Turnover increased slightly to 29 tonnes from 28 tonnes on Monday with major participation by Japanese and locals traders. The premium between the KLTM and the LME narrowed to US$265 a tonne from US$385 a tonne yesterday.