ANL 12.50 Decreased By ▼ -0.12 (-0.95%)
ASC 14.79 Increased By ▲ 0.14 (0.96%)
ASL 15.28 Decreased By ▼ -0.32 (-2.05%)
AVN 106.20 Increased By ▲ 1.95 (1.87%)
BOP 8.40 Decreased By ▼ -0.02 (-0.24%)
CNERGY 6.18 Decreased By ▼ -0.29 (-4.48%)
FFL 9.07 Decreased By ▼ -0.10 (-1.09%)
FNEL 8.50 Decreased By ▼ -0.45 (-5.03%)
GGGL 13.09 Decreased By ▼ -0.31 (-2.31%)
GGL 20.20 Decreased By ▼ -0.68 (-3.26%)
GTECH 9.35 Decreased By ▼ -0.35 (-3.61%)
HUMNL 6.77 Increased By ▲ 0.17 (2.58%)
KEL 3.10 Decreased By ▼ -0.06 (-1.9%)
KOSM 4.11 Decreased By ▼ -0.23 (-5.3%)
MLCF 33.35 Decreased By ▼ -0.30 (-0.89%)
PACE 4.15 Decreased By ▼ -0.05 (-1.19%)
PIBTL 7.17 Decreased By ▼ -0.07 (-0.97%)
PRL 14.09 Decreased By ▼ -0.25 (-1.74%)
PTC 8.58 Decreased By ▼ -0.10 (-1.15%)
SILK 1.29 Decreased By ▼ -0.05 (-3.73%)
SNGP 33.50 Decreased By ▼ -0.30 (-0.89%)
TELE 17.48 Decreased By ▼ -0.40 (-2.24%)
TPL 12.75 Decreased By ▼ -0.75 (-5.56%)
TPLP 27.60 Decreased By ▼ -0.42 (-1.5%)
TREET 38.87 Decreased By ▼ -0.82 (-2.07%)
TRG 80.75 Decreased By ▼ -2.55 (-3.06%)
UNITY 27.32 Decreased By ▼ -0.53 (-1.9%)
WAVES 14.94 Decreased By ▼ -0.11 (-0.73%)
WTL 2.15 Decreased By ▼ -0.07 (-3.15%)
YOUW 7.90 Decreased By ▼ -0.19 (-2.35%)
BR100 4,585 Decreased By -11.3 (-0.25%)
BR30 17,412 Decreased By -369.7 (-2.08%)
KSE100 44,924 Decreased By -94.4 (-0.21%)
KSE30 17,727 Decreased By -21 (-0.12%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,122
1724hr
Pakistan Cases
1,381,152
6,35724hr
Sindh
529,218
Punjab
466,164
Balochistan
33,975
Islamabad
120,128
KPK
185,683

LONDON: Copper prices slid on Monday as worries about higher freight costs receded after a container ship blocking traffic in the Suez Canal was refloated, while a stronger dollar reinforced negative sentiment.

Benchmark copper on the London Metal Exchange was down 0.9% to $8,879 a tonne at 1600 GMT. Prices have fallen 8% since hitting 9-1/2-year highs of $9,617 last month.

“Copper prices lurched lower after we saw the news about the ship in the Suez Canal,” a copper trader said. “There may still be a knock-on effect on costs and there is still a queue, but at least the canal isn’t blocked any more.”

Shipping traffic through Egypt’s Suez Canal resumed after a giant container ship which had been blocking the busy waterway for almost a week was refloated.

A rising US currency makes dollar-priced metals more expensive for holders of other currencies, which could subdue demand.

Weighing on copper are stocks in LME- registered warehouses. At 132,050 tonnes, they are up nearly 80% since the beginning of March.

However, cancelled warrants - metal earmarked for delivery - at 28% and two companies holding large numbers of warrants have stoked concern about availability on the LME market and created a premium for the cash over the three-month copper contract.

Support for industrial metals comes from a surge in profits at China’s industrial firms, highlighting a rebound in its manufacturing sector and a broad recovery.

Surveys of manufacturing activity in China later this week are expected to show activity expanded more quickly in March.

Aluminium fell 1.2% to $2,271 a tonne, zinc was little changed at $2,830, lead gained 0.5% to $1,963, tin slid 0.8% to $25,365 and nickel lost 1.0% to $16,230.

Comments

Comments are closed.