ANL 32.00 Decreased By ▼ -0.80 (-2.44%)
ASC 14.36 Decreased By ▼ -0.24 (-1.64%)
ASL 22.55 Decreased By ▼ -0.34 (-1.49%)
AVN 84.91 Decreased By ▼ -2.97 (-3.38%)
BOP 7.90 Decreased By ▼ -0.07 (-0.88%)
BYCO 9.85 Decreased By ▼ -0.11 (-1.1%)
DGKC 114.80 Decreased By ▼ -1.40 (-1.2%)
EPCL 52.83 Decreased By ▼ -0.67 (-1.25%)
FCCL 23.15 Decreased By ▼ -0.53 (-2.24%)
FFBL 27.14 Decreased By ▼ -0.41 (-1.49%)
FFL 15.11 Decreased By ▼ -0.19 (-1.24%)
HASCOL 9.10 Decreased By ▼ -0.15 (-1.62%)
HUBC 75.50 Decreased By ▼ -1.00 (-1.31%)
HUMNL 6.17 Decreased By ▼ -0.02 (-0.32%)
JSCL 20.30 Decreased By ▼ -0.21 (-1.02%)
KAPCO 38.40 Decreased By ▼ -0.30 (-0.78%)
KEL 3.72 Decreased By ▼ -0.04 (-1.06%)
LOTCHEM 15.25 Decreased By ▼ -0.25 (-1.61%)
MLCF 43.00 Decreased By ▼ -0.75 (-1.71%)
PAEL 32.01 Decreased By ▼ -0.69 (-2.11%)
PIBTL 9.90 Decreased By ▼ -0.05 (-0.5%)
POWER 8.50 Decreased By ▼ -0.15 (-1.73%)
PPL 82.49 Decreased By ▼ -0.81 (-0.97%)
PRL 23.51 Decreased By ▼ -0.54 (-2.25%)
PTC 9.02 Decreased By ▼ -0.13 (-1.42%)
SILK 1.34 Decreased By ▼ -0.02 (-1.47%)
SNGP 38.95 Decreased By ▼ -0.40 (-1.02%)
TRG 168.50 Decreased By ▼ -2.50 (-1.46%)
UNITY 30.89 Decreased By ▼ -0.36 (-1.15%)
WTL 1.46 Decreased By ▼ -0.06 (-3.95%)
BR100 4,763 Decreased By ▼ -62.06 (-1.29%)
BR30 24,734 Decreased By ▼ -325.46 (-1.3%)
KSE100 44,436 Decreased By ▼ -493.34 (-1.1%)
KSE30 18,178 Decreased By ▼ -197.65 (-1.08%)

Coronavirus
VERY HIGH
Pakistan Deaths
16,842
14424hr
Pakistan Cases
784,108
587024hr
Sindh
275,815
Punjab
282,469
Balochistan
21,365
Islamabad
72,150
KPK
110,875

LONDON: Supply disruption in top producer Chile, solid demand in top consumer China and dwindling stockpiles kept copper prices near five-month highs on Monday.

Benchmark copper on the London Metal Exchange (LME) was up 0.1% at $5,963 a tonne at 1615 GMT, close to Friday's peak of $6,006.

The metal used in power and construction has risen by about 35% from March lows, recouping almost all ground lost during the first stages of the coronavirus outbreak.

However, supply and demand fundamentals suggest a fair price for copper around $5,500, with lower Chilean output offset by weak demand outside China, said independent analyst Robin Bhar. Chile's copper output could decline by 200,000 tonnes, or 3.5% of 2019 production, as coronavirus cases rise, its mines minister said.

Profits at China's industrial companies rose for the first time in six months in May. Chinese factory activity is likely to have grown for a fourth month running June but the pace may be waning, a Reuters poll showed.

Global stock markets rose despite the worldwide death toll from Covid-19 surpassing half a million on Sunday, with 10.1 million reported cases.

On-warrant copper inventories in LME-registered warehouses fell by 2,450 tonnes to 112,850 tonnes, the lowest since Jan 17. Stocks in Shanghai Futures Exchange (ShFE) warehouses, at 99,971 tonnes, are the lowest since January 2019. In a sign of tighter nearby supply, the discount for cash copper versus three-month metal on the LME fell to $5-$10 from $30 earlier this month.

LME copper could test Fibonacci and downtrend resistance around $6,075 a tonne and a break above this could open the way towards $6,343, said Reuters technical analyst Wang Tao.

LME aluminium was up 0.6% at $1,610.50 a tonne, zinc rose 0.9% to $2,057, nickel added 1.1% to $12,825, lead gained 0.7% to $1,799 and tin was down 0.2% at $16,776.