August 22, 2008

Malaysian domestic tin price breaches USD 25,000 per tonne

Platts reported that the Malaysian domestic tin price has gathered upward momentum over the past two days breaching the USD 25,000 per tonne level on the Kuala Lumpur Tin Market.

As per report the Kuala Lumpur Tin Market price gained USD 300 per tonne to settle at USD 25,100 per tonne a new high for the bourse, erasing the previous record at USD 24,800 per tonne.

A Kuala Lumpur Tin Market source said that buyers were seen eagerly bidding, providing support to the domestic price. He added that the Malaysian tin price was also tracking stronger tin prices on the London Metal Exchange, which firmed up above USD 25,000 per tonne Tuesday.

According to European sources, tin prices on the LME continued to be courted by canny investors, who are now trading in a very dangerous market. Tin was once again making fresh records due to supply concerns emanating from Indonesia and China.

The LME official cash price for tin on Tuesday was USD 25,390 to USD 25,395 per tonne and the three month level at USD 25,250 to USD 25,300 per tonne compared with Monday's USD 24,675 to USD 24,700 per tonne and USD 24,525 to USD 24,540 per tonne respectively.