THE Kuala Lumpur Tin Market (KLTM) is expected to trade between US$17,900 (RM74,084.52) and US$18,200 (RM75326.16) per tonne next week, as a dealer said domestic tin prices are likely to see a technical correction next week after registering an uptrend for the week just ended.
“The resurgence of Covid-19 cases locally has affected tin trading,” he said, adding that the price fell to the US$14,000 (RM57943.20) per tonne level following the weak manufacturing activities.
“Tin trading depends on the manufacturing activities, when China restarted its manufacturing activities, the demand (for tin) and prices increased,” he told Bernama.
China’s huge manufacturing sector continued to recover in September, affirming the world’s second largest economy is recovering from the pandemic, according to the official China Manufacturing Purchasing Managers Index.
During the week just ended, the KLTM was on the uptrend.
On a Friday-to-Friday basis, the KLTM closed US$800 (RM3,311.04) higher at US$18,050 (RM74,705.34) a tonne from US$17,2500 (RM713,943) a tonne last week.
Market traders were mainly from China, followed by those from South Korea, Japan, Taiwan, European countries, Pakistan, Bangladesh, and the US.
Weekly turnover on the KLTM improved to 104 tonnes from 74 tonnes last week.
Meanwhile, the price differential between the KLTM and LME narrowed to a discount of US$85 (RM351.80) a tonne from US$245 (RM1,014.01) a tonne last Friday. – Oct 10, 2020
