AVN 67.10 Increased By ▲ 1.90 (2.91%)
BAFL 31.00 Increased By ▲ 0.26 (0.85%)
BOP 4.90 Increased By ▲ 0.10 (2.08%)
CNERGY 3.78 Increased By ▲ 0.07 (1.89%)
DFML 14.43 Increased By ▲ 0.22 (1.55%)
DGKC 41.85 Increased By ▲ 0.80 (1.95%)
EPCL 46.57 Increased By ▲ 0.12 (0.26%)
FCCL 11.69 Increased By ▲ 0.29 (2.54%)
FFL 5.07 Increased By ▲ 0.02 (0.4%)
FLYNG 5.80 No Change ▼ 0.00 (0%)
GGL 10.42 Increased By ▲ 0.09 (0.87%)
HUBC 68.00 Increased By ▲ 1.13 (1.69%)
HUMNL 5.76 Increased By ▲ 0.05 (0.88%)
KAPCO 28.10 Increased By ▲ 0.34 (1.22%)
KEL 2.29 Increased By ▲ 0.09 (4.09%)
LOTCHEM 25.05 Increased By ▲ 0.15 (0.6%)
MLCF 21.69 Increased By ▲ 0.25 (1.17%)
NETSOL 86.00 Increased By ▲ 2.40 (2.87%)
OGDC 92.38 Increased By ▲ 6.48 (7.54%)
PAEL 11.09 Increased By ▲ 0.08 (0.73%)
PIBTL 4.24 Increased By ▲ 0.02 (0.47%)
PPL 80.15 Increased By ▲ 5.67 (7.61%)
PRL 13.64 Increased By ▲ 0.21 (1.56%)
SILK 0.90 Decreased By ▼ -0.02 (-2.17%)
SNGP 43.47 Increased By ▲ 3.07 (7.6%)
TELE 5.96 Increased By ▲ 0.10 (1.71%)
TPLP 15.73 Increased By ▲ 0.33 (2.14%)
TRG 115.01 Increased By ▲ 3.60 (3.23%)
UNITY 13.85 Increased By ▲ 0.10 (0.73%)
WTL 1.16 Increased By ▲ 0.02 (1.75%)
BR100 4,124 Increased By 87 (2.16%)
BR30 14,930 Increased By 518.1 (3.59%)
KSE100 41,253 Increased By 782.3 (1.93%)
KSE30 15,522 Increased By 359.6 (2.37%)
Markets

LME copper eyes worst week since Sept 2020 on China price curb fears

  • China, the world's biggest copper user, said on Wednesday it would strengthen its management of commodity supply and demand to curb "unreasonable" increases in prices, and prevent them being passed on to consumers.
Published May 21, 2021
Follow us

HANOI: London copper was set for its biggest weekly drop since September 2020 on Friday, hit by fears that authorities in China would take measures to curb a rally in commodity prices.

Three-month copper on the London Metal Exchange fell 0.9% to $9,962 a tonne by 0519 GMT, down 2.7% on a weekly basis.

The most-traded June copper contract on the Shanghai Futures Exchange declined 0.7% to 72,340 yuan ($11,244.97) a tonne, also on track for a weekly decline.

China, the world's biggest copper user, said on Wednesday it would strengthen its management of commodity supply and demand to curb "unreasonable" increases in prices, and prevent them being passed on to consumers.

"The statement from Beijing about curbing high commodity prices due to excessive speculation seems to be sinking in and it now appears to be becoming a battle between Beijing's wishes and massive amounts of speculative money from the West," said Malcolm Freeman, a director at UK broker Kingdom Futures.

"With nervousness creeping into the equities globally and the shiny world of Bitcoin starting to become tarnished, it looks like the markets could be in for a bumpy ride," he added.

Comments

Comments are closed.

LME copper eyes worst week since Sept 2020 on China price curb fears

Intra-day update: KSE-100 up over 800 points amid return of positive sentiment

Second hike in two weeks: Honda Atlas jacks up car prices by up to Rs550,000

Govt projection of achieving $3bn current account surplus in FY23 ‘unrealistic’: PBC

Tariff of indigenous gas-run CPPs likely to be reviewed

Talks extended for two days: IMF demands govt withdraw power subsidy

Former military ruler Musharraf’s body to be flown to Pakistan

Govt schedules All Parties Conference for February 9

All set for inking pact with Denmark under DETI

Major earthquake strikes Turkey, Syria; about 300 dead, many trapped

FBR to check benami transactions of civil servants