KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) rose by US$900 per tonne to end at a historical high of US$40,400 per tonne on Wednesday in its first recorded transaction in 2022.
A dealer said the metal was last traded at US$39,500 per tonne on Dec 21, 2021, the first trading session after the market was suspended starting June 9, 2021.
He said the market recorded transactions only on the first day of trading, but remained muted until yesterday due to subdued supply.
"Today we saw the first transaction for the metal for the year and demand was very high. At the opening, total bids stood at 482 tonnes, while the offer was only at one tonne.
"As such, the market closed at the highest price ever for the metal, which was also in line with the upward momentum in the London Metal Exchange (LME)," he told Bernama.
The premium between the KLTM and the LME narrowed to US$125 per tonne from US$1,305 per tonne on Dec 21, 2021.
Buying support came from China, Japan, South Korea, Taiwan, Europe, Pakistan and Bangladesh.
At the close, turnover on the KLTM remained at five tonnes, while bids stood at five tonnes and offers at ten tonnes, said the dealer.