AIRLINK 74.64 Decreased By ▼ -0.21 (-0.28%)
BOP 5.01 Increased By ▲ 0.03 (0.6%)
CNERGY 4.51 Increased By ▲ 0.02 (0.45%)
DFML 42.44 Increased By ▲ 2.44 (6.1%)
DGKC 87.02 Increased By ▲ 0.67 (0.78%)
FCCL 21.58 Increased By ▲ 0.22 (1.03%)
FFBL 33.54 Decreased By ▼ -0.31 (-0.92%)
FFL 9.66 Decreased By ▼ -0.06 (-0.62%)
GGL 10.43 Decreased By ▼ -0.02 (-0.19%)
HBL 114.29 Increased By ▲ 1.55 (1.37%)
HUBC 139.94 Increased By ▲ 2.50 (1.82%)
HUMNL 12.25 Increased By ▲ 0.83 (7.27%)
KEL 5.21 Decreased By ▼ -0.07 (-1.33%)
KOSM 4.50 Decreased By ▼ -0.13 (-2.81%)
MLCF 38.09 Increased By ▲ 0.29 (0.77%)
OGDC 139.16 Decreased By ▼ -0.34 (-0.24%)
PAEL 25.87 Increased By ▲ 0.26 (1.02%)
PIAA 22.20 Increased By ▲ 1.52 (7.35%)
PIBTL 6.80 No Change ▼ 0.00 (0%)
PPL 123.58 Increased By ▲ 1.38 (1.13%)
PRL 26.81 Increased By ▲ 0.23 (0.87%)
PTC 14.01 Decreased By ▼ -0.04 (-0.28%)
SEARL 58.53 Decreased By ▼ -0.45 (-0.76%)
SNGP 68.01 Decreased By ▼ -0.94 (-1.36%)
SSGC 10.47 Increased By ▲ 0.17 (1.65%)
TELE 8.39 Increased By ▲ 0.01 (0.12%)
TPLP 11.05 Decreased By ▼ -0.01 (-0.09%)
TRG 63.21 Decreased By ▼ -0.98 (-1.53%)
UNITY 26.59 Increased By ▲ 0.04 (0.15%)
WTL 1.42 Decreased By ▼ -0.03 (-2.07%)
BR100 7,941 Increased By 103.5 (1.32%)
BR30 25,648 Increased By 196 (0.77%)
KSE100 75,983 Increased By 868.6 (1.16%)
KSE30 24,445 Increased By 330.8 (1.37%)
Markets

Copper climbs on Chinese factory data, infrastructure hopes

  • A stronger U.S. currency makes dollar-priced metals more expensive and less appealing to holders of other currencies.
Published March 31, 2021 Updated April 1, 2021

LONDON: Copper prices rose on Wednesday on strong factory data in top metals consumer China and on hopes for an influx of new U.S. infrastructure spending.

A stronger dollar and rising U.S. bond yields, however, curbed copper's gains.

Three-month copper on the London Metal Exchange had gained 0.1pc to $8,783 a tonne by 1600 GMT. But it has lost 3.3pc this month and is on track for the first monthly fall since March 2020.

"Today's focus is on Biden's infrastructure bill and the Chinese data is also quite positive, so that's providing some support," said Xiao Fu, head of commodity market strategy at Bank of China International in London.

"But the strong dollar is capping the upside and the option market is indicating that could last a bit longer."

China's manufacturing activity expanded at the quickest pace in three months in March as factories cranked up production, while in the United States President Joe Biden is due to unveil a roughly $2 trillion infrastructure package.

A buoyant dollar, which hit a fresh one-year high versus the yen and multi-month peaks against other currencies, weighed on the metals market.

A stronger U.S. currency makes dollar-priced metals more expensive and less appealing to holders of other currencies.

LME copper prices have been stuck in a range since slipping from a 9-1/2 year peak of $9,617 touched in late February, having surged by a quarter since the start of the year.

Papua New Guinea's Ok Tedi Mining Ltd's copper mining operations will resume from Thursday after they were suspended for two weeks due to a surge in COVID-19 cases at the mine site.

LME aluminium shed 1pc to $2,209.50 a tonne, zinc dipped 0.1pc to $2,806.50, lead added 0.2pc to $1,975, nickel gained 0.8pc to $16,075 while tin was unchanged at $25,310.

Comments

Comments are closed.