KL tin prices weaken

KL tin prices weaken

KUALA LUMPUR (Reuter): Malaysia's spot tin price fell six cents to 14.59 ringgit (US$5.26) a kilogram yesterday due to uncertainties over the ringgit and an overnight fall on the London Metal Exchange (LME), traders said.

"I think they (the players) decided to sell because the ringgit strengthened a little this morning, and also the LME was down on Friday," said a trader.

"But the market is still strong and should go up again if the ringgit weakens," he said.

At 2 a.m. GMT, the ringgit was at 2.7680 to a dollar in Kuala Lumpur prior to the opening of the tin market. The currency, however, slid to 2.7745 by 4 a.m. GMT when the tin market closed.

The closing price was at a premium of $30 against the LME, compared to a discount of $15 on Friday, traders said.