AVN 65.31 Decreased By ▼ -0.86 (-1.3%)
BAFL 30.25 No Change ▼ 0.00 (0%)
BOP 4.63 Decreased By ▼ -0.10 (-2.11%)
CNERGY 3.89 Decreased By ▼ -0.12 (-2.99%)
DFML 13.50 Decreased By ▼ -0.60 (-4.26%)
DGKC 42.15 Decreased By ▼ -1.54 (-3.52%)
EPCL 46.13 Increased By ▲ 1.48 (3.31%)
FCCL 11.45 Decreased By ▼ -0.38 (-3.21%)
FFL 5.19 Increased By ▲ 0.22 (4.43%)
FLYNG 5.82 Decreased By ▼ -0.28 (-4.59%)
GGL 10.04 Decreased By ▼ -0.34 (-3.28%)
HUBC 63.21 Increased By ▲ 0.91 (1.46%)
HUMNL 5.73 Decreased By ▼ -0.12 (-2.05%)
KAPCO 27.81 Increased By ▲ 0.26 (0.94%)
KEL 2.15 Decreased By ▼ -0.06 (-2.71%)
LOTCHEM 25.37 Decreased By ▼ -1.23 (-4.62%)
MLCF 21.65 Decreased By ▼ -0.87 (-3.86%)
NETSOL 84.95 Decreased By ▼ -1.25 (-1.45%)
OGDC 86.64 Increased By ▲ 0.37 (0.43%)
PAEL 10.96 Decreased By ▼ -0.31 (-2.75%)
PIBTL 4.21 Decreased By ▼ -0.07 (-1.64%)
PPL 78.65 Decreased By ▼ -1.43 (-1.79%)
PRL 13.61 Decreased By ▼ -0.05 (-0.37%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 41.00 Decreased By ▼ -0.75 (-1.8%)
TELE 6.01 Decreased By ▼ -0.20 (-3.22%)
TPLP 16.02 Decreased By ▼ -0.25 (-1.54%)
TRG 111.89 Decreased By ▼ -0.66 (-0.59%)
UNITY 14.01 Decreased By ▼ -0.34 (-2.37%)
WTL 1.14 Decreased By ▼ -0.06 (-5%)
BR100 4,026 Decreased By -48.6 (-1.19%)
BR30 14,402 Decreased By -123 (-0.85%)
KSE100 40,451 Decreased By -396 (-0.97%)
KSE30 15,110 Decreased By -101.7 (-0.67%)
Markets

Copper prices buoyed by bargain hunters

  • Three-month copper on the London Metal Exchange (LME) edged up 0.02% to $9,323.50 a tonne in official trading after dropping by about 9% in June.
  • The most-traded August copper contract on the Shanghai Futures Exchange closed 0.7% down at 68,260 yuan ($10,531.84) a tonne for a 0.9% decline over the week.
Published July 2, 2021
Follow us

LONDON: Copper prices ticked higher on Friday as some investors regarded the recent downturn as a buying opportunity, though a firmer dollar and uncertainty over US data capped gains.

Three-month copper on the London Metal Exchange (LME) edged up 0.02% to $9,323.50 a tonne in official trading after dropping by about 9% in June.

"There's been a cooling down in recent weeks, but that's a bit overdone. This is potentially a good bargain-hunting opportunity and we've seen a bit more interest in recent days with these dips," said Nitesh Shah, commodity strategist at WisdomTree, a provider of exchange-traded funds.

"We're in the midst of an economic recovery that's largely fuelled by huge monetary growth and strong fiscal stimulus, which is infrastructure focused and metals intensive."

The most-traded August copper contract on the Shanghai Futures Exchange closed 0.7% down at 68,260 yuan ($10,531.84) a tonne for a 0.9% decline over the week.

Traders were on edge ahead of US non-farm payrolls data, which is expected to show that job growth picked up in June.

The Yangshan copper premium fell to $21.50 a tonne, hovering around its lowest since February 2016, indicating subdued demand for imported metal.

Global copper smelting activity slipped in June as Chinese plants closed for maintenance, having rebounded the previous month, data from satellite surveillance of copper plants showed.

The dollar hit a three-month high against other major currencies, making metals priced in the US unit more expensive for holders of other currencies.

LME aluminium rose 0.9% to $2,535 a tonne, zinc shed 0.2% to $2,932, lead added 0.9% to $2,288.50, nickel firmed 0.2% to $18,133 and tin was up 0.3% at $31,387.

Comments

Comments are closed.

Copper prices buoyed by bargain hunters

Suddenly, ailing SOEs come under PDM govt’s focus

At least 41 killed as passenger coach falls into ravine in Lasbela

6.3 magnitude earthquake jolts Islamabad, surrounding areas

LPG hits historic high of Rs300/kg: LPGA demands setting up of probe commission

50pc duty imposed on import of ‘Mild Hybrid Vehicles’

Pakistan expresses interest in possibility of currency swap with Russia

Al-Nahyan due tomorrow to discuss trade, investment

Blinken heads to Middle East as violence erupts

Flood-hit areas: Rs8.39bn subsidy to be provided to farmers

FBR readies presentation for IMF