KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) is expected to continue its uptrend next week as traders are optimistic of better external geopolitical environment, with the tin price to range at between US$17,500 and US$18,000 a tonne.
Nevertheless, a dealer said there was a possibility that the market could undergo a technical correction next week if geopolitical strain were to emerge.
“Positive developments surrounding the signing of US-China ‘Phase One’ trade deal and the US Senate’s approval of a new trade deal between the country and its North American neighbours, Mexico and Canada, would propel global markets,” he told Bernama.
During the week just-ended, the tin price ranged between US$17,120 and US$17,600 a tonne.
Meanwhile, on a Friday-to-Friday basis, the price on the KLTM rose US$480 to US$17,600 a tonne from US$17,120 a tonne in the previous week.
The price differential between the KLTM and the London Metal Exchange (LME) was at a discount of US$40 a tonne from a discount of US$50 a tonne previously.
Weekly turnover rose to 101 tonnes from 96 tonnes last week, with the bulk of trade involving buyers from China, South Korea, Japan, Taiwan, Europe, and Hong Kong. – Jan 19, 2020, Bernama