Tin price closes lower on technical correction

KUALA LUMPUR: A technical correction saw tin price on the Kuala Lumpur Tin Market (KLTM) closing at US$100 lower to US$22,900 a tonne despite the higher tin price on the London Metal Exchange (LME), a dealer said.

Tin price on the LME rose by US$95 to close at US$22,900 a tonne.

"There were increased offerings at the opening level. However, some sellers withdrew when the price went down, which limited the day's losses," he said.

On the local front, bids totalled 28 tonnes against 88 tonnes offered.

Turnover rose to 33 tonnes from 20 tonnes on Friday, with buyers mainly Japanese, followed by Europeans and local buyers.

The premium between the KLTM and the LME narrowed to US$405 a tonne from US$600 a tonne on Friday.--