KLTM soars US$2,200, closes at a record high of $28, 500 per tonne

KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) soared by US$2,200 to end the trading week at a record high of US$28,500 per tonne on continued strong demand, said a dealer.

The firmer KLTM was in tandem with the metal's uptrend on the overnight benchmark London Metal Exchange (LME), where it had surged US$3,295 to US$30,995 a tonne.

The dealer said the metal's performance today had surpassed its previous record closing of US$28,485 per tonne on Feb 16, 2021.

"Strong fundamentals continue to support high prices for tin and other base metals. Tin is currently in an overbought position, as traders needs to ensure their stocks are adequate in case of delayed deliveries," he said to Bernama.

He said at the opening bell, bids on the KLTM were at 997 tonnes, while offers were at 17 tonnes.

At the close, both bids and offers were equal at 28 tonnes, with buying support mainly from China, South Korea, Japan, Taiwan, Europe and the United States.

Turnover remained unchanged at 28 tonnes.

The price differential between the KLTM and the LME widened to a discount of US$2,495 a tonne compared with a discount of US$1,400 a tonne on Thursday.

-- BERNAMA