Malaysian tin up $60 as Japanese return on yen power

Malaysian tin ended $60 a tonne higher on Thursday as Japanese buyers returned to the market after one-day break, powered by new highs in the yen.
Spot tin on the Kuala Lumpur Tin Market (KLTM) closed at $6,580 a tonne, up from Wednesday's price of $6,520. Volume rose to 93 tonnes, the highest since the start of 2004, from Wednesday's 30 tonnes, the lowest for February.
Japanese interests, absent from the KLTM a day ago because of a holiday in their country, bought heavily, ignoring a $20 drop in London Metal Exchange tin overnight.
The Japanese were also spurred by the yen's fresh attempt at three-year highs against the dollar on Thursday.
They were joined by Malaysian buyers, who together bid for a total of 120 tonnes, against the 63 tonnes initially available for sale. Sellers later raised their offers by 30 tonnes to bring the final trade to 93 tonnes.
The higher price in Malaysia versus London widened the premium for shipping a tonne of local tin to Europe to $275 from Wednesday's level of $195.