ANL 13.16 Increased By ▲ 0.01 (0.08%)
ASC 15.20 Increased By ▲ 0.10 (0.66%)
ASL 15.52 Decreased By ▼ -0.13 (-0.83%)
AVN 107.50 Increased By ▲ 0.02 (0.02%)
BOP 8.37 Decreased By ▼ -0.03 (-0.36%)
CNERGY 6.08 Decreased By ▼ -0.13 (-2.09%)
FFL 9.04 Increased By ▲ 0.03 (0.33%)
FNEL 8.55 Decreased By ▼ -0.05 (-0.58%)
GGGL 13.36 Increased By ▲ 0.46 (3.57%)
GGL 20.31 Increased By ▲ 0.53 (2.68%)
GTECH 9.36 Increased By ▲ 0.29 (3.2%)
HUMNL 7.14 Increased By ▲ 0.34 (5%)
KEL 3.12 Increased By ▲ 0.01 (0.32%)
KOSM 4.48 Increased By ▲ 0.33 (7.95%)
MLCF 34.54 Increased By ▲ 0.39 (1.14%)
PACE 4.09 Increased By ▲ 0.11 (2.76%)
PIBTL 7.16 Increased By ▲ 0.01 (0.14%)
PRL 14.10 Decreased By ▼ -0.22 (-1.54%)
PTC 8.60 Decreased By ▼ -0.13 (-1.49%)
SILK 1.32 Decreased By ▼ -0.02 (-1.49%)
SNGP 33.80 Decreased By ▼ -0.30 (-0.88%)
TELE 17.45 Decreased By ▼ -0.05 (-0.29%)
TPL 12.22 Decreased By ▼ -0.03 (-0.24%)
TPLP 27.34 Decreased By ▼ -0.56 (-2.01%)
TREET 38.50 Decreased By ▼ -0.50 (-1.28%)
TRG 84.98 Increased By ▲ 0.98 (1.17%)
UNITY 29.15 Increased By ▲ 1.41 (5.08%)
WAVES 15.60 Decreased By ▼ -0.07 (-0.45%)
WTL 2.22 Increased By ▲ 0.06 (2.78%)
YOUW 7.76 Increased By ▲ 0.42 (5.72%)
BR100 4,623 Increased By 5.5 (0.12%)
BR30 17,917 Increased By 191.5 (1.08%)
KSE100 45,078 Decreased By -5.1 (-0.01%)
KSE30 17,793 Decreased By -35.1 (-0.2%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,192
3024hr
Pakistan Cases
1,402,070
8,18324hr
Sindh
535,965
Punjab
471,925
Balochistan
34,187
Islamabad
123,648
KPK
189,300

LONDON: Copper prices eased on Wednesday as the higher dollar prompted profit-taking, but low inventories and optimism about demand prospects due to stimulus and growth supported sentiment.

Benchmark copper on the London Metal Exchange was down 0.2% at $8,390 a tonne at 1703 GMT. Prices of the metal used widely in the power and construction industries hit a nine-year high at $8,437 a tonne on Tuesday.

“Copper inventories are low generally. Normally in China there would have been a build-up before the New Year holiday, but that didn’t happen”, said ING analyst Wenyu Yao.

“The reflation narrative has taken hold and that could be reinforced by a decision in the United States to press ahead with large stimulus.”

A higher US currency makes dollar-denominated commodities more expensive for holders of other currencies, which would subdue demand.

Stocks of copper in LME-registered warehouse, at 76,175 tonnes, are up since last week, but still close to last September’s 15-year trough.

Low stocks have fuelled concern about availability on the LME market, creating a premium for cash copper over the three-month contract. The premium rose to a five-month high of $29 a tonne on Monday, and was last around $13 a tonne.

Copper stocks in warehouses monitored by the Shanghai Futures Exchange have fallen 60% since September to below 80,000 tonnes.

“We upgrade our... 6-12 month (forecast) to $10,000 a tonne, based on our updated copper model balances, which point to a deep deficit during 2021 and low inventories for years to come,” Citi analysts said in a note.

US President Joe Biden will travel to Wisconsin on Tuesday to press his case for a $1.9 trillion pandemic relief bill in the political battleground state.

Prices of the soldering metal touched eight-year highs of $24,875 earlier this week as the market fretted about a deficit. It gained 0.6% to $24,400 a tonne.

Aluminium rose 1.4% to $2,115, zinc fell 0.8 to $2,804, lead slipped 0.1% to $2,105 and nickel ceded 0.3% to $18,755 a tonne.

Comments

Comments are closed.