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Tin fell 1 percent in Malaysian trade on Thursday, tracking a drop in the London price, but dealers said the local market appeared strong enough to climb to $8,000 a tonne in coming weeks. Spot tin on the Kuala Lumpur Tin Market ended down $80 at $7,865 a tonne on volume of 99 tonnes. Over at the London Metal Exchange, the main tin contract fell $125 to $7,850 a tonne at Wednesday's close.

The London close often leads the market in Kuala Lumpur, particularly when there are no local factors at play. Traders said resurgence in demand for Malaysian tin could push the local price back to January's close of $8,000 a tonne.

"We corrected today because of the London price but this market still has its own resilience and that's why it didn't fall as much as it did in London," said a tin trader in Malaysia. "All in, I'd say the $8,000 target is still in sight over the next few weeks," he added.

Dealers noted initial bids for 17 tonnes on Thursday's Kuala Lumpur market, against offers for 99 tonnes. The smaller drop in the Malaysian price versus London widened the premium for shipping a tonne of Malaysian tin to Europe by $45 to $235. The premium, calculated using freight, insurance and other financial costs stood at $190 on Wednesday.

Copyright Reuters, 2005


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