AGL 5.75 Increased By ▲ 0.05 (0.88%)
ANL 8.85 Decreased By ▼ -0.25 (-2.75%)
AVN 79.50 Increased By ▲ 0.34 (0.43%)
BOP 5.17 Decreased By ▼ -0.04 (-0.77%)
CNERGY 4.69 Decreased By ▼ -0.04 (-0.85%)
EFERT 81.10 Decreased By ▼ -0.01 (-0.01%)
EPCL 50.99 Increased By ▲ 0.24 (0.47%)
FCCL 13.49 Decreased By ▼ -0.03 (-0.22%)
FFL 5.81 Increased By ▲ 0.05 (0.87%)
FLYNG 7.21 Decreased By ▼ -0.08 (-1.1%)
FNEL 4.80 Decreased By ▼ -0.04 (-0.83%)
GGGL 8.70 Decreased By ▼ -0.19 (-2.14%)
GGL 15.75 Decreased By ▼ -0.05 (-0.32%)
HUMNL 5.85 Increased By ▲ 0.02 (0.34%)
KEL 2.58 Decreased By ▼ -0.01 (-0.39%)
LOTCHEM 29.50 Decreased By ▼ -0.30 (-1.01%)
MLCF 25.30 Increased By ▲ 0.15 (0.6%)
OGDC 72.45 Decreased By ▼ -0.25 (-0.34%)
PAEL 15.40 Decreased By ▼ -0.07 (-0.45%)
PIBTL 5.15 Increased By ▲ 0.02 (0.39%)
PRL 16.25 Decreased By ▼ -0.25 (-1.52%)
SILK 1.07 Decreased By ▼ -0.03 (-2.73%)
TELE 9.30 Decreased By ▼ -0.25 (-2.62%)
TPL 7.35 Increased By ▲ 0.02 (0.27%)
TPLP 19.16 Decreased By ▼ -0.10 (-0.52%)
TREET 21.85 Increased By ▲ 0.01 (0.05%)
TRG 142.80 Decreased By ▼ -1.30 (-0.9%)
UNITY 17.20 Decreased By ▼ -0.32 (-1.83%)
WAVES 10.03 Increased By ▲ 0.03 (0.3%)
WTL 1.38 Increased By ▲ 0.01 (0.73%)
BR100 4,248 Decreased By -10.3 (-0.24%)
BR30 15,761 Decreased By -79.9 (-0.5%)
KSE100 42,359 Decreased By -14.9 (-0.04%)
KSE30 15,627 Decreased By -38.6 (-0.25%)
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

Intra-day update: rupee records marginal loss against US dollar

Punjab local government election to be held in April: ECP

Islamic banking crucial aspect of Pakistan's financial sector: SBP governor

Azam Nazeer Tarar takes charge as law minister again

Former China leader Jiang Zemin dead: state media

Sri Lanka’s debt to China close to 20% of public external debt

OPEC+ decision to hold virtual meeting signals little likelihood of policy change

Stomach bug sweeps through England camp on eve of Pakistan Test

PM tells Jefferies Group team: Steps taken to stabilise economy

ECC approves Kissan Package: Power tariff for tubewells reduced to Rs13 per unit