TIN MART TO REMAIN BUOYANT NEXT WEEK ON STRONG DEMAND FROM EUROPE

KUALA LUMPUR, Feb 12 (Bernama) -- The Kuala Lumpur Tin Market (KLTM) is expected to remain buoyant on strong buying interest, mainly from European traders.

A dealer said the metal would likely hover between US$31,500 and US$31,700 next week, supported by shortage in supply.

"The market will slowly move up next week as demand is more than supply currently," he said.

The local tin market would also take the cue from the London Metal Exchange.

During the week just ended, the market was bullish with the metal price surging US$999 to US$31,049 per tonne on Monday after a long weekend.

It ended Friday at a fresh all-time high of US$31,500 compared with US$30,050 on Wednesday last week before the Chinese New Year holiday.

The total weekly turnover rose to 294 lots from 115 lots previously with active participation from Japanese, local and European traders.

The premium, based on a formula that includes freight, insurance and other financial costs, widened to US$520 per tonne on Friday compared with US$310 per tonne previously.