Published: 2009/05/02
THE Kuala Lumpur Tin Market (KLTM) will likely trade higher next week, supported by expectations of a weaker US dollar, dealers said.
The US dollar is expected to decline further next week on reduced demand for safe haven currency.
A lower US dollar will make the prices of metals quoted in US dollar more appealing and this will push up demand.
"However, investors will be wary of the widespread flu epidemic and will not be aggressive in view of the looming threats on global growth and the tourism industry," a dealer said.
During the week, tin prices on the KLTM were volatile as investors were cautious of the threat of influenza A sweeping globally.
However, strong buying from Europe and Japan helped to give some support to the market.
The market closed higher on Thursday ahead of the long weekend on strong foreign buying interests.
On a week-to-week basis, the tin price on the KLTM was higher at US$12,500 per tonne on Thursday compared with US$12,190 per tonne last Friday.
The tin price on the London Metal Exchange (LME) was lower at US$12,185 per tonne from US$12,450 per tonne last Friday.
Turnover fell to 284 tonnes from 472 tonnes last week.
The price differential between the KLTM and the LME was at a premium of US$530 per tonne from last Friday's discount of US$45 per tonne last Friday. -- Bernama
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- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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