The Kuala Lumpur Tin Market (KLTM) is anticipated to remain sluggish this week due to lingering uncertainties in global commodity markets, dealers said.

The metal was still reeling from the prolonged eurozone debt crisis.

“Market players would continue to remain cautious, in the absence of clear direction, before taking on any fresh positions,” said a dealer, adding that the metal was expected to trade within a tight range of between US$21,500 and US$22,000 a tonne.

The daily movement of metal prices on the London Metal Exchange (LME) will also continue to influence the local market’s performance.

On the local front, KLTM dropped US$300 to close at US$21,700 a tonne while LME tin eased US$750 to US$21,250 per tonne.

Weekly turnover declined to 205 tonnes, from 229 tonnes, recorded the previous week, with buyers noted from Europe, Japan and Malaysia.

The price differential between the KLTM and the LME was at a premium of US$790 a tonne against a discount of US$540 a tonne the previous Friday. Bernama