The Kuala Lumpur Tin Market (KLTM) is expected to be firmer next week on the back of increasing demand and tight supply, an analyst said. They said demand outlook also helped to drive the metal's price higher as supply may lag behind usage due to heavy rains. "Further supply tightening in the region may also result from the low output in Indonesia which is experiencing intense rainfall," a dealer said. The dealer said Indonesian authorities have forecast tin shipments to decline 19 per cent this year, adding that exports would slump to 80,000 tonnes in 2010 from 99,287 tonnes in the last 12 months. Japanese and European buyers are likely to demand more of the commodity from the local market compared with local buyers.On a weekly basis, tin price on the KLTM gained US$800 to settle at US$24,300 per tonne on Friday while tin price on the LME jumped US$550 to US$24,250 per tonne.Turnover for the week amounted to 330 tonnes, up from last week's 298 tonnes, with European, Japanese and local traders participating actively throughout the week.The premium between the KLTM and the LME widened to US$435 per tonne this week from US$185 previously. -- Bernama
Read More... [Source: Business Times : latest - Posted by FreeAutoBlogger]
0 comments:
Post a Comment