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Malaysian tin firmed on Friday, snapping a 4-day losing streak to end up 1 percent, reinvigorated by stronger London prices. The Kuala Lumpur Tin Market (KLTM) spot contract closed up $70 at $6,200 a tonne.

Despite the rise, tin was still down 3.4 percent on the week, in transaction volume of 100 tonnes, down from 139 on Thursday. On Friday's rise was a technical reaction after four days of steady falls, dealers said.

"As selling pressure still exists, buyers were cautious at higher levels, although they were attractive, thanks to the Lime's steeper upward reaction," said a KLTM trader.

Three-month tin on the London Metal Exchange, which often provides price direction to Malaysian tin, rose $150 to $6,275 a tonne on Thursday.

Dealers put out 200 tonnes on the KLTM at Friday's open, against the 98 tonnes initially bid by Japanese, European and Malaysian parties. Buyers eventually raised their requirement to 100 tonnes, with Japanese taking 57 tonnes, Europeans 35 tonnes and locals 8 tonnes.

Copyright Reuters, 2005


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