THE Kuala Lumpur Tin Market (KLTM), which hit an all-time-high of US$32,800 per tonne last week, is set to extend its bullish trend this week, riding on positive developments in the metal market, a dealer said.
Profit-taking is likely to emerge but the overall sentiment will remain positive on continuous support from overseas investors.
“An uptrend on the London Metal Exchange (LME) would also help boost market sentiment on KLTM,” he added.
The local market saw buyers sidelined in hope of lower prices but the market continued its upward momentum, unabated, as sellers held back stocks in anticipation of higher prices.
The market closed the week US$1,200 per tonne higher at US$32,800 per tonne with European, Japanese and local players accounting for the week's turnover of 241 tonnes, against 251 tonnes, registered a week earlier. The premium between the KLTM and LME widened to US$675 per tonne on Friday against US$265 per tonne, registered previously
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