THE Kuala Lumpur Tin Market (KLTM) is expected to rebound next week, lifted by higher demand as the current low price is set to attract some bargain-hunting in the market, a dealer said.
He said tin price on the KLTM would likely range between US$14,800 and US$15,100 a tonne next week.
“Traders might take advantage of the lower price and this will help push the price higher,” he told Bernama.
For the week just ended, the KLTM traded on the downtrend as traders remained cautious over uncertainty in the global economies with many countries were still fighting the Covid-19 pandemic.
Tin prices confined between US$14,930 and US$15,150 per tonne throughout the week, influenced by tin price performance on the London Metal Exchange (LME).
Traders from China, South Korea, Japan, Taiwan, the European Union, Pakistan, Bangladesh, as well as local sellers participated in the local market.
Weekly turnover stood at 75 tonnes compared with 54 tonnes last week.
The KLTM was closed on Monday in lieu of the Nuzul Al-Quran public holiday which fell on Sunday.
The discount between the KLTM and the LME widened to US$105 per tonne yesterday from US$30 per tonne last Friday. – May 16, 2020, Bernama
