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

London copper eases as investors eye next cue

  • Three-month copper on the London Metal Exchange fell 0.5pc to $6,456 a tonne by 0705 GMT.
04 Aug 2020

SINGAPORE: London copper prices edged lower on Tuesday, extending a narrow-range trading pattern as investors weighed bullish and bearish factors following a rally over the past few months.

Three-month copper on the London Metal Exchange fell 0.5pc to $6,456 a tonne by 0705 GMT.

The contract moved in a tight range of less than 1pc in each of the past three weeks after surging 52pc in four months to a two-year high in July.

Escalating US-China tensions, supply continuity from Chile, resurgence of COVID-19 cases and seasonally weaker China demand kept a lid on further rallies.

Prices have been supported, however, by economic recovery in some countries, a weaker dollar and hopes of further US stimulus package.

"After an astonishing rally seen in the second quarter of 2020, momentum seems to have been lost in the near term, absent a strong dominant theme," said ING analysts in a report.

"Unless a factor comes to the forefront, copper is likely to continue trading in a range-bound pattern," it said, expecting top consumer China to continue doing the "heavy lifting" for global copper demand.

The most-traded copper contract on the Shanghai Futures Exchange rose 0.9pc to 51,540 yuan ($7,380.36) a tonne, tracking overnight gains in London.

FUNDAMENTALS

The front-month ShFE copper contract was traded at a 60-yuan discount to the second-month contract, suggesting that nearby supply tightness has eased, after ShFE inventories rebounded.

China's July excavator sales jumped over 40pc on-year, the Shanghai Securities News reported, indicating a strong construction sector that also consumes metals.

LME aluminium fell 0.3pc to $1,746 a tonne, zinc declined 0.5pc to $2,313.50 a tonne. ShFE aluminium hit a 27-month high at 14,830 yuan a tonne, while nickel jumped 1.3pc to 110,860 yuan a tonne.

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

Comments

Comments are closed.