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TIN PRICE LIKELY TO BE RANGEBOUND NEXT WEEK

Bernama - Saturday, August 2

KUALA LUMPUR, Aug 2 (Bernama) -- The price of tin on the Kuala Lumpur Tin Market (KLTM) is likely to be rangebound next week amid higher stocks and a weak sentiment, dealers said.

While tin price could see some pressure, on the positive side - persistent buying from the Japanese would soften the losses, the dealers said, adding the metal's price was likely to hover at its current level of US$22,000 per tonne. A dealer said the daily movement of metal prices on the London Metal Exchange (LME) will continue to influence the local market's performance. The KLTM closed the week weaker with tin price dropping by US$390 to US$22,150 per tonne from US$22,540 per tonne the previous Friday while the LME tin price declined US$175 to US$22,200 per tonne. Total weekly turnover slightly improved to 448 tonnes from 441 tonnes the previous week with Japanese, European and local traders participating actively throughout the week. The price differential between the KLTM and the LME narrowed to a premium of US$340 per tonne from US$555 per tonne a week before. -- BERNAMA

TCT SD

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