KL tin market may move upwards

The tin price on the Kuala Lumpur Tin Market (KLTM) will likely be
higher next week on buying interest from European buyers, dealers said.

The tin price on the KLTM is expected to hover around US$18,000 per
tonne next week, a dealer said, adding it is also expected to track the
tin price on the London Metal Exchange (LME).

Metal prices
on the LME rebounded on Friday on improved confidence in the eurozone
after comments made by European Central Bank President Mario Draghi
that the bank would be committed in preventing a collapse of the zone.

"While
there may still be lingering uncertainty in the eurozone, positive
comments made by Draghi will help in the recovery of sentiment in the
short term.

"This is especially as there is already
substantial correction in price on the KLTM and buyers are looking now
at a relatively low attractive price," he
said.

On a
Friday-to-Friday basis, the tin price on the KLTM fell US$1,170 to
US$17,800 per tonne from US$18,970 per tonne last Friday.

Turnover decreased to 185 tonnes from 223 tonnes last week.

The premium between KLTM and LME increased to US$405 per tonne on Friday from US$240 per tonne last Friday. -- BERNAMA