Tin price expected to rise next week

Tin price on the Kuala Lumpur Tin Market (KLTM) will likely move slightly higher next week driven by foreign buying interest, dealers said.

"Tin price will likely move to the US$20,500 level next week," a dealer said.

He said the price will also track the tin price on the London Metal Exchange (LME) which is expected to move higher next week in line with positive consumer confidence and jobs data in the United States.

During the week, the tin price was mostly unchanged as buyers were cautious in the wake of the devastating Hurricane Sandy which affected trading of the commodities market in US.

The New York Mercantile Exchange (NYMEX), a commodity futures exchange, was closed on Monday and Tuesday as Sandy stormed the US.

However, on Friday, the tin price on the KLTM rebounded with the sharp advances of tin prices on the LME and positive US economic data.

Dealers said as for next week, investors will look to the US presidential election on Tuesday and other economic data from the US which could have an impact on global financial markets.

On a week-to-week basis, the tin price fell to US$20,450 per tonne from US$20,400 per tonne last Thursday.

The market was closed last Friday for the Hari Raya Haji celebrations.

Turnover increased to 159 tonnes from 125 tonnes last week.

The premium price differential between the KLTM and the LME declined to US$465 per tonne from US$515 a tonne last Thursday.