KUALA LUMPUR, Nov 30 (Bernama) -- The Kuala Lumpur Tin Market (KLTM) is likely to trade between US$16,200 and US$16,500 per tonne next week, mainly influenced by external factors particularly the United States (US)-China trade saga, says a dealer.
He said local tin prices would also likely track the movement of other base metals such as copper, which was seen as a commodity sensitive to global economic strength.
For the week just ended, the dealer said KLTM was mostly traded flat as investors were uncertain over the US-China trade development.
"Investors chose to stay on the sidelines before making any investment decision, especially after US President Donald Trump signed the Hong Kong Human Rights and Democracy Act into law on Wednesday.
"Many of them were concerned that the move would anger Beijing and hamper the trade negotiations, especially after China warned to take 'firm counter measures' if the US continued to meddle in its internal affairs," he told Bernama.
On a Friday-to-Friday basis, KLTM price rose US$80 to US$16,350 per tonne, while on the LME, the price increased US$55 to end at US$16,410 per tonne.
Weekly turnover slipped to 94 tonnes from 99 tonnes in the previous week.
The discount between KLTM and the LME narrowed to US$60 per tonne from US$85 per tonne last Friday.