AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Markets

Copper rises on weaker dollar, economic recovery hopes

  • "Although some of the rises in commodity prices has been driven by speculators, there is also a genuine increase in demand as the global economy reopens," said Catril.
Published May 25, 2021

Copper prices extended overnight gains on Tuesday as a softer dollar and hopes of global economic recovery offset worries over possible price caps on industrial metals in top consumer China.

Three-month copper on the London Metal Exchange was up 1.2% at $10,067 a tonne by 0517 GMT.

London copper closed below $10,000 a tonne in the last two sessions amid a sell-off in industrial metals and has fallen more than 6% since touching a record high of $10,747.50 a tonne earlier this month.

In Shanghai, copper rose 1.6% to 72,880 yuan ($11,368.14) a tonne.

"Copper rebounded, shrugging off China's renewed angst against soaring commodities prices," said Rodrigo Catril, a senior FX strategist at National Australia Bank in Sydney.

Prices of copper and other base metals fell last week and extended their losses in the early part of Monday's session, after China warned against hoarding and speculation to cool a blistering rally in prices of industrial commodities.

"Although some of the rises in commodity prices has been driven by speculators, there is also a genuine increase in demand as the global economy reopens," said Catril.

"So many think (China's) measures to clamp down on speculators may not be enough to ease the price pressure."

Comments

Comments are closed.