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Malaysia tin closes lower, tracks London's fall

KUALA LUMPUR: The Malaysian spot tin price closed five cents lower on Thursday at 21.78 ringgit ($5.73) per kg, reflecting a weaker London market overnight.

Traders said smaller offers helped limit the fall.

"The fall here was smaller than on the LME because of less offering," said a trader. "I guess those who wanted to sell before the Chinese New Year had sold yesterday."

Volume was 64 tonnes, down from 128 on Wednesday, and was absorbed by European, Japanese and Malaysian buyers.

"Players were also reluctant to commit themselves ahead of the long break," the trader said.

The market will close on Friday and Monday for the lunar new year.

Traders said that barring any major movements in London, prices were expected to stay in the 21.50-22.0 ringgit range next week.

The smaller drop in Kuala Lumpur has widened the local price premium to the London market to $75 a tonne against $55 previously, traders said.-Reuters