KL tin rises on LME

KL tin rises on LME

KUALA LUMPUR (Reuter): Malaysia's spot tin price rose 10 cents to 13.87 ringgit ($5.27) a kg yesterday in reaction to a weak ringgit and a higher close on the London Metal Exchange (LME) on Friday, traders said.

The resistance level for the price was seen at 14 ringgit next, said traders.

"The market is still strong because of the currency and was helped by the LME," said a trader.

The local price was at a premium of $55 with Friday's LME. Traders noted initial bids for 171 tons against offers for 95. Final turnover was 131 tons, against 116 on Friday, and was absorbed by Europeans, Japanese and locals.