Bernama reported that tin price on the Kuala Lumpur Tin Market closed sharply higher by USD 350 per tonne to USD 21,600 per tonne on strong buying at the opening session.

Dealers said that the rise was in tandem with the London Metal Exchange where the metal gained USD 350 per tonne to close at USD 21,580.

They said that some buyers withdrew when the price rose sharply adding that the tin price on the KLTM was supported by scattered buying mainly from european buyers and low offerings. At the opening bell, bids amounted to 87 tonnes against offers of 16 tonnes.

Turnover dwindled to 37 tonnes against 46 tonnes with European, Japanese and local traders accounting for today's business. The premium between the KLTM and the LME was unchanged at USD 385 per tonne.