By BERNAMA
The Kuala Lumpur Tin Market (KLTM) rose sharply higher by US$330 to US$13,950 a tonne, supported by higher overseas demand for the metal, dealers said.
This was also in tandem with the higher tin price on the London Metal Exchange (LME), which settled at US$14,200 a tonne, up US$500 per tonne.
A dealer said the market picked up momentum after remaining flat yesterday and closed on Monday as buying interest emerged from South Korea, Latin America and China apart from the traditional Japanese and local interest.
At the opening bell, bids stood at 131 tonnes versus offers of 130 tonnes with turnover settling at 130 tonnes against 75 tonnes on Tuesday.
The discount between the KLTM and LME widened sharply to US$250 a tonne from US$20 yesterday.
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