ANL 14.34 Decreased By ▼ -0.41 (-2.78%)
ASC 13.95 Decreased By ▼ -0.05 (-0.36%)
ASL 15.10 No Change ▼ 0.00 (0%)
BOP 8.52 Decreased By ▼ -0.08 (-0.93%)
BYCO 6.54 Decreased By ▼ -0.15 (-2.24%)
FCCL 18.80 No Change ▼ 0.00 (0%)
FFBL 26.85 Increased By ▲ 0.35 (1.32%)
FFL 11.00 Decreased By ▼ -0.19 (-1.7%)
FNEL 10.51 Decreased By ▼ -0.38 (-3.49%)
GGGL 16.25 Increased By ▲ 0.55 (3.5%)
GGL 31.50 Decreased By ▼ -0.61 (-1.9%)
HUMNL 6.24 Decreased By ▼ -0.11 (-1.73%)
JSCL 16.89 Decreased By ▼ -0.37 (-2.14%)
KAPCO 33.10 Decreased By ▼ -0.15 (-0.45%)
KEL 3.27 Increased By ▲ 0.04 (1.24%)
MDTL 2.27 No Change ▼ 0.00 (0%)
MLCF 37.10 Increased By ▲ 0.65 (1.78%)
NETSOL 102.80 Increased By ▲ 0.64 (0.63%)
PACE 4.68 Increased By ▲ 0.28 (6.36%)
PAEL 23.15 Decreased By ▼ -0.40 (-1.7%)
PIBTL 7.86 Increased By ▲ 0.16 (2.08%)
POWER 7.05 Increased By ▲ 0.29 (4.29%)
PRL 13.66 Decreased By ▼ -0.27 (-1.94%)
PTC 8.90 Decreased By ▼ -0.17 (-1.87%)
SILK 1.31 Decreased By ▼ -0.04 (-2.96%)
SNGP 41.70 Decreased By ▼ -0.10 (-0.24%)
TELE 16.99 Increased By ▲ 0.06 (0.35%)
TRG 87.75 Decreased By ▼ -2.76 (-3.05%)
UNITY 25.35 Increased By ▲ 0.05 (0.2%)
WTL 2.20 Increased By ▲ 0.05 (2.33%)
BR100 4,671 Increased By ▲ 6.15 (0.13%)
BR30 18,834 Increased By ▲ 159.86 (0.86%)
KSE100 45,369 Increased By ▲ 296.76 (0.66%)
KSE30 17,576 Increased By ▲ 146.24 (0.84%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,737
924hr
Pakistan Cases
1,285,254
41424hr
0.98% positivity
Sindh
475,820
Punjab
443,185
Balochistan
33,484
Islamabad
107,722
KPK
180,075
Markets

Copper struts to best quarter in a decade as China rebounds

  • Benchmark copper on the London Metal Exchange (LME) was up 1.4% at $6,043.50 a tonne in official trading.
  • A close above $6,000 could fuel further buying, but supply and demand fundamentals justify a level around $5,500 and prices will eventually fall.
30 Jun 2020

LONDON: Copper prices headed for their biggest quarterly rise in ten years on Tuesday, as resurgent Chinese demand, supply disruption and massive global stimulus powered a rebound from four-year lows hit in March.

Benchmark copper on the London Metal Exchange (LME) was up 1.4% at $6,043.50 a tonne in official trading -- it's highest since Jan. 23 and up 22% in the last three months.

The metal used in power and construction is now just below its January high of $6,343, before the coronavirus spread worldwide.

Behind the gains are "supply fears driven by coronavirus spreading in major copper producing countries like Chile and Peru (and) the recovering economy, above all in China," said

Commerzbank analyst Daniel Briesemann.

A close above $6,000 could fuel further buying, but supply and demand fundamentals justify a level around $5,500 and prices will eventually fall, he said.

CHINA: Factory activity in China quickened in June, beating expectations. The total new orders index also brightened, but export orders continued to contract and factories cut jobs.

STOCKS: On-warrant copper inventories in LME-registered warehouses fell by 1,200 tonnes to 111,650, the lowest since Jan 17.

Stocks in Shanghai Futures Exchange (ShFE) warehouses at 99,971 tonnes are the lowest since January 2019.

SUPPLY: Freeport Indonesia's production of copper concentrate and copper ore were both below its initial targets this year. Chile's mines minister warned last week the country's output would be lower as the coronavirus spread.

POSITIONING: Speculators are betting on higher copper prices, with a net long on the LME equal to 3.6% of active contracts by Friday, the biggest since January, brokers Marex Spectron said.

OTHER METALS: LME aluminium was up 0.8% at $1,621.50 a tonne, zinc rose 0.3% to $2,067, nickel added 0.2% to $12,837, lead was unchanged at $1,801.50 and tin was flat at $16,777. All were up between 4% and 15% this quarter.

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.