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NewsTin price at ten-month low Monday on US debt downgrade
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Tin price at ten-month low Monday on US debt downgrade
by hlk Mon 08 Aug 2011, 23:52
KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) ended trading Monday on a 10-month low of US$23,980 per tonne, down US$1,520, on selling pressure, dealers said.
They said the market fell sharply after rating agency, Standard & Poor's, downgraded the US long-term debt to AA+ from AAA , which triggered a major sell-off amid concerns that the dollar value would depreciate further.
The lower KLTM price was also in line with the weak performance of the metal on the London Metal Exchange (LME) last Friday, which saw the price decline by US$1,155 to US$24,350 per tonne.
On the local front, turnover fell to 33 tonnes from 38 tonnes last Friday with the participation of European and local traders.
At the opening bell, sellers offered 102 tonnes with no buyers.
The premium between the KLTM and LME narrowed to US$35 per tonne against US$398 per tonne last week. BERNAMA
They said the market fell sharply after rating agency, Standard & Poor's, downgraded the US long-term debt to AA+ from AAA , which triggered a major sell-off amid concerns that the dollar value would depreciate further.
The lower KLTM price was also in line with the weak performance of the metal on the London Metal Exchange (LME) last Friday, which saw the price decline by US$1,155 to US$24,350 per tonne.
On the local front, turnover fell to 33 tonnes from 38 tonnes last Friday with the participation of European and local traders.
At the opening bell, sellers offered 102 tonnes with no buyers.
The premium between the KLTM and LME narrowed to US$35 per tonne against US$398 per tonne last week. BERNAMA
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