Malaysian tin rose for a third straight day on Friday on support from Japanese and European buyers after a fresh rise in the London price of the metal overnight, dealers said.
The spot contract on the Kuala Lumpur Tin Market (KLTM) rose $50, or 0.8 percent, to close at $6,620 a tonne on a volume of 65 tonnes. The market has risen 2.3 percent since on Monday.
On Thursday's London Metal Exchange trade three-month futures were up $150 to $6,750. "The market here did not increase as sharply as the LME because the Japanese and European buyers withdrew when the price went higher," a KLTM trader said.
Dealers said total bids on the KLTM at Friday's open stood at 115 tonnes, versus 65 tonnes offered by sellers. Final turnover was 65 tonnes, with the Japanese buying 33 tonnes, the Europeans 20 and Malaysians 12.
The $100 difference between the rise on the KLTM and the LME narrowed the premium for shipping a tonne of Malaysian tin to Europe to $85 from Thursday's $185.