Tin fell slightly in Malaysian trade on Thursday as European appetite for the metal waned after a lower close in London. Spot tin on the Kuala Lumpur Tin Market (KLTM) settled $14 lowers on Thursday at $7,035 a tonne, on a volume of 53 tonnes.
It lost $41 the previous day, on a volume of 35 tonnes. "The Europeans have been quite active lately in Malaysian tin, but the soft prices in London aren't helping," said a trader on the KLTM.
Third-month tin on the LME, or London Metal Exchange, fell $75 on Wednesday to $6,975 a tonne. On the KLTM, European and local buyers put in cumulative bids for 20 tonnes against sellers' offers of 58 tonnes. The difference of almost $60 between the drop in Kuala Lumpur and London widened accordingly the premium for shipping a tonne of Malaysian tin to Europe.
The shipping premium, which takes into account freight, insurance and other costs, rose to $280 a tonne from $220 on Wednesday.
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