Malaysian tin price increases

Malaysian tin price increases

KUALA LUMPUR (Reuters): Malaysia's tin price closed up on Tuesday, correcting two straight days of losses, as the London Metal Exchange (LME) prepared to reopen after the long Easter break.

The closure of the LME since Friday has deprived the Kuala Lumpur Tin Market (KLTM) of leads. On Friday, the local price was down $20 and on Monday it fell $10.

The market corrected itself with a $21 rise on Tuesday, in anticipation of a stronger LME in overnight trading, dealers said.

"There were not many sellers as the LME was due to open," said a trader.

Spot tin on the Kuala Lumpur Tin Market was quoted at $4,893 a tonne. Volume was 44 tons.

Dealers on the local market noted offers for 44 tons against bids for 82. Buyers were from Japan, Europe and Malaysia.

The price differential between local and London tin remained at $90.