Published: 2009/12/19
The Kuala Lumpur Tin Market (KLTM) is expected to open higher next week, tracking the bullish trend on the London Metal (LME), a dealer said.
He said the increase in overnight LME prices would encourage buying on the Malaysian front.
"As a trendsetter, the LME prices continue to influence our market," he said, adding that local prices are expected to hover at current levels next week.
The tin price on the KLTM closed at US$15,300 a tonne on Thursday, higher by US$110 from last Friday's closing price.
The market was closed on Friday for the Awal Muharram holiday.
Throughout the week, the market saw rangebound trading with most sellers remaining sidelined, waiting for the price to increase further.
"The KLTM was closed on Friday while the London Metal Exchange (LME) remained open. Sellers are holding up their stocks as they believe the LME tin price will rise further next week," he explained.
On a Thursday-Friday basis, the LME tin price increased US$180 to US$15,480 a tonne.
On the KLTM, turnover dipped to 262 tonnes this week from 401 tonnes the previous week with Japanese, European and local traders participating actively throughout it.
The premium price differential between the KLTM and the LME was lower at US$115 a tonne on Thursday compared with US$185 at the end of last week. -- 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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