The spot contract on the Kuala Lumpur Tin Market closed down $55 at $6,570 a tonne. But traded volume rose to 98 tonnes from Tuesday's 55 tonnes.
"There were many sellers and the Japanese and Europeans took advantage of that," said a trader. Bids initially stood at 45 tonnes while offers totalled 98 tonnes, dealers said. At the final count, the Japanese took 50 tonnes, the Europeans 40 tonnes and Malaysians 8 tonnes. Three-month tin on the London Metal Exchange (LME), the main guide to Kuala Lumpur prices, was last traded on Friday at $6,575 a tonne before the Christmas break. Spot tin from Kuala Lumpur fetched a premium of $185 a tonne over LME prices on a cost insurance and freight (CIF) basis for voyages to Rotterdam, dealers said.