KUALA LUMPUR, Dec 28 (Bernama) -- The Kuala Lumpur Tin Market (KLTM) is expected to trade range-bound next week, with the metal price to move at between US$17,000 and US$17,200 with an upward bias.
A dealer said the tin price would likely be influenced by other metal-based commodities performance on the benchmark London Metal Exchange (LME) such as zinc, nickel and copper, which were expected to be firm and on upside momentum.
"The LME is tracking the rally on Shanghai Futures Exchange’s metal prices, on optimism that the US and China are closer to signing a phase-one trade pact, removing some clouds about the global economy's health, thus lifting the metal demand outlook.
"The news on collapsing bridge in Nigeria which might disrupt metals supply from the country has prompted anticipation that tin price will move higher to the US$20,000-level early next year," he told Bernama.
He added the increasing global crude oil prices would also lend further support to the tin price as the two commodities generally move in tandem.
For the holiday-shortened week just-ended, the KLTM was traded mixed in quiet mode, tracking the performance on the LME which was closed on Wednesday and Thursday for Christmas and Boxing day holidays.
The local market was also closed on Wednesday for the Christmas holiday.
On a Friday-to-Friday basis, the KLTM price fell US$140 to US$17,060 per tonne, while weekly turnover slipped to 74 tonnes from 89 tonnes in the previous week.
KLTM, LME, Metal, US-China trade deal