AIRLINK 56.64 Increased By ▲ 1.60 (2.91%)
BOP 6.11 Decreased By ▼ -0.18 (-2.86%)
CNERGY 4.05 Increased By ▲ 0.10 (2.53%)
DFML 15.55 Decreased By ▼ -0.09 (-0.58%)
DGKC 67.25 Increased By ▲ 1.25 (1.89%)
FCCL 17.49 Increased By ▲ 0.47 (2.76%)
FFBL 25.09 Increased By ▲ 0.64 (2.62%)
FFL 9.29 Increased By ▲ 0.29 (3.22%)
GGL 9.71 Increased By ▲ 0.27 (2.86%)
HBL 111.30 Increased By ▲ 1.30 (1.18%)
HUBC 114.03 Increased By ▲ 0.68 (0.6%)
HUMNL 6.45 Increased By ▲ 0.10 (1.57%)
KEL 4.32 Increased By ▲ 0.04 (0.93%)
KOSM 3.21 Increased By ▲ 0.09 (2.88%)
MLCF 36.75 Increased By ▲ 0.35 (0.96%)
OGDC 115.26 Increased By ▲ 1.77 (1.56%)
PAEL 22.25 Increased By ▲ 0.25 (1.14%)
PIAA 11.16 Decreased By ▼ -0.03 (-0.27%)
PIBTL 5.61 Increased By ▲ 0.11 (2%)
PPL 104.10 Increased By ▲ 1.41 (1.37%)
PRL 25.99 Increased By ▲ 0.85 (3.38%)
PTC 9.60 Increased By ▲ 0.15 (1.59%)
SEARL 51.11 Increased By ▲ 1.49 (3%)
SNGP 63.85 Increased By ▲ 1.00 (1.59%)
SSGC 10.87 Increased By ▲ 0.11 (1.02%)
TELE 7.05 Increased By ▲ 0.08 (1.15%)
TPLP 11.68 Increased By ▲ 0.15 (1.3%)
TRG 68.70 Increased By ▲ 1.10 (1.63%)
UNITY 20.45 Decreased By ▼ -0.05 (-0.24%)
WTL 1.25 Increased By ▲ 0.03 (2.46%)
BR100 6,230 Increased By 66.9 (1.09%)
BR30 21,308 Increased By 326.1 (1.55%)
KSE100 61,039 Increased By 574.3 (0.95%)
KSE30 20,528 Increased By 230 (1.13%)
Markets

Copper prices slip on US inflation jitters

  • "The market still looking at clues to see what the Fed's temperature is with regards to rates," said Nitesh Shah.
  • The dollar edged lower but remained near a two-month high, still making copper which is priced in the US greenback less attractive to global buyers.
Published June 24, 2021

LONDON: Copper fell for the first time this week on Thursday as mixed signals from the US Federal Reserve triggered investor jitters about the timing of interest rate increases, which could sap demand for metals.

Three-month benchmark copper was down 0.6% at $9,428 per tonne by 1120 GMT. Prices for the metal used in the power and construction industries have eased about 12% from a record high of $10,747.50 a tonne reached in May.

"The market still looking at clues to see what the Fed's temperature is with regards to rates," said WisdomTree commodity strategist Nitesh Shah.

"The fundamentals for copper still look good but the sentiment changed slightly with some of hawkish comments from the Fed and the release of copper from Chinese reserves."

The dollar edged lower but remained near a two-month high, still making copper which is priced in the US greenback less attractive to global buyers.

Also weighing on prices was a plan by China's state reserves administration to auction its reserves of copper, zinc and aluminium on July 5-6 in a bid to cool surging prices.

INVENTORIES: On-warrant stocks of copper in LME-registered warehouses registered climbed to their highest since June 2020 at 185,200 tonnes.

The amount of cancelled warrants, metal earmarked for delivery, was at 5% of total stocks, which was its lowest since September 2011.

NICKEL: Indonesia is considering a plan to restrict construction of smelters producing nickel pig iron or ferronickel to optimise use of its limited ore reserves for higher-value products, a senior mining ministry official said.

LME nickel added 0.7% to $18,190 per tonne.

OTHER METALS: LME aluminium was down 0.7% at $2,423 a tonne, zinc was 0.5% higher at $2,859.50, lead gained 0.6% to $2,205 while tin lost 0.4% to $30,290.

Comments

Comments are closed.