KUALA LUMPUR: Tin price fell sharply on the Kuala Lumpur Tin Market (KLTM) to close at US$31,620 per tonne, down US$685 on Thursday, March 3 as market players refrained from buying the metal, concerned over the Libyan crisis, dealers said.
The metal also slipped on the London Metal Exchange (LME) which saw tin price drop US$700 to US$31,600 per tonne following spiralling oil prices globally.
"As the Libyan crisis continued to heighten, it will further push up global oil prices. This saw market players retreating and not willing to commit. This will likely be the main concern this week," said one dealer.
Oil prices breached US$102 per barrel yesterday for the first time since September 2008 as fighting escalated in Libya.
On the local front, the day's turnover was lower at 40 tonnes compared with Wednesday's 66 tonnes with Japanese, European and local buyers dominating activities.
At the opening bell, there was no buyers while sellers offered 100 tonnes.
The premium between the KLTM and the LME widened to US$485 a tonne from US$470 per tonne previously. ' Bernama
The metal also slipped on the London Metal Exchange (LME) which saw tin price drop US$700 to US$31,600 per tonne following spiralling oil prices globally.
"As the Libyan crisis continued to heighten, it will further push up global oil prices. This saw market players retreating and not willing to commit. This will likely be the main concern this week," said one dealer.
Oil prices breached US$102 per barrel yesterday for the first time since September 2008 as fighting escalated in Libya.
On the local front, the day's turnover was lower at 40 tonnes compared with Wednesday's 66 tonnes with Japanese, European and local buyers dominating activities.
At the opening bell, there was no buyers while sellers offered 100 tonnes.
The premium between the KLTM and the LME widened to US$485 a tonne from US$470 per tonne previously. ' Bernama
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