By Farhana Poniman
KUALA LUMPUR, Jan 12 (Bernama) -- The Kuala Lumpur Tin Market (KLTM) will likely be on an uptrend next week, in line with higher copper prices and a weaker US dollar.
A dealer said the tin market is heavily influenced by the copper market, which in turn, has benefited from a lower US dollar.
“London copper prices rose as the dollar weakened as this would make metals cheaper for holders of other currencies.
“Copper is on course to post a 0.4 per cent gain in London in the first full trading week of 2019,” he told Bernama.
Furthermore, he said global oil price, which has been averaging above US$60 per barrel, also helped lift buying sentiment for other commodities.
On a Friday-to-Friday basis, the KLTM price soared US$580 to US$20,180 per tonne, while weekly turnover increased to 153 tonnes from 100 tonnes last week.
Throughout the week, buying demand came from China, South Korea, Japan, Taiwan, Germany, the United States, the United Kingdom, Bangladesh and Pakistan, as well as local sellers.
The premium between the KLTM and the London Metal Exchange widened to US$35 per tonne from US$30 per tonne last Friday.