KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) will likely trade at between US$16,400 and US$16,600 per tonne next week, without probable catalyst as the market awaits news on the US-China trade talks.
A dealer said the market is still monitoring the progress between the two economic giants, after the abrupt cancellation of the Asia-Pacific Economic Cooperation (APEC) summit in Chile this month where US President Donald Trump and his Chinese counterpart Xi Jinping were supposed to meet.
“With the US-China trade talks still in an unresolved situation, the commodities market including tin would be directionless and it would negatively impact their demand,” he yesterday.
On a Friday-to-Friday basis, the KLTM price declined US$150 to US$16,500 per tonne while tin price on the London Metal Exchange (LME) was US$270 lower at US$16,525 per tonne.
Throughout the week, the local market demand was dominated by buyers from China, South Korea, Japan, Taiwan, Europe, Pakistan, and Bangladesh.
The price differential between the KLTM and LME narrowed to a discount of US$25 a tonne on Friday from a discount of US$145 a tonne a week earlier. – Bernama
