A dealer said the current low tin supply is unable to keep up with the strong demand.(File pic shows tin ingots) KUALA LUMPUR: Strong demand boosted the Kuala Lumpur Tin Market (KLTM) to end at its strongest level since 2011, with the metal’s price surging US$3,185 to US$28,485 a tonne. A dealer said the current low tin supply is unable to keep up with the strong demand. Expectations of a stronger economic recovery and continued demand from the semiconductor sector continued to lift prices both on the KLTM and the London Metal Exchange (LME). The LME settled US$895 higher at US$24,400 a tonne. “The domestic market is moving in tandem with the LME, as the tin price on the LME rose as high as US$28,900 earlier, ” the dealer said, adding that China continued to be the key buyer of the domestic tin. China is the world’s largest consumer of tin. He said the price differential between KLTM and LME stood at a premium of US$4,085 per tonne from US$1,795 per tonne on Monday. Buying support in the local market came from China, South Korea, Japan, Taiwan and Europe. At the close, turnover on the KLTM rose six tonnes to 34 tonnes from 28 tonnes yesterday, while bids and offers stood at 34 tonnes and 39 tonnes, respectively. ─ Bernama
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