AGL 38.00 Decreased By ▼ -0.31 (-0.81%)
AIRLINK 136.69 Decreased By ▼ -4.71 (-3.33%)
BOP 5.42 Decreased By ▼ -0.22 (-3.9%)
CNERGY 3.83 Decreased By ▼ -0.04 (-1.03%)
DCL 7.59 Increased By ▲ 0.03 (0.4%)
DFML 46.05 Decreased By ▼ -1.35 (-2.85%)
DGKC 80.35 Increased By ▲ 0.60 (0.75%)
FCCL 28.03 Increased By ▲ 0.59 (2.15%)
FFBL 55.21 Increased By ▲ 0.36 (0.66%)
FFL 8.58 Decreased By ▼ -0.02 (-0.23%)
HUBC 112.65 Decreased By ▼ -0.86 (-0.76%)
HUMNL 12.33 Increased By ▲ 1.13 (10.09%)
KEL 3.85 Decreased By ▼ -0.14 (-3.51%)
KOSM 8.07 Decreased By ▼ -0.47 (-5.5%)
MLCF 35.11 Increased By ▲ 0.11 (0.31%)
NBP 66.00 Increased By ▲ 2.20 (3.45%)
OGDC 171.16 Increased By ▲ 1.76 (1.04%)
PAEL 25.18 No Change ▼ 0.00 (0%)
PIBTL 6.20 Increased By ▲ 0.31 (5.26%)
PPL 132.85 Increased By ▲ 7.10 (5.65%)
PRL 24.40 Decreased By ▼ -0.39 (-1.57%)
PTC 14.52 Increased By ▲ 1.26 (9.5%)
SEARL 58.95 Increased By ▲ 1.50 (2.61%)
TELE 7.09 Decreased By ▼ -0.03 (-0.42%)
TOMCL 35.00 No Change ▼ 0.00 (0%)
TPLP 8.09 Increased By ▲ 0.64 (8.59%)
TREET 14.30 Decreased By ▼ -0.02 (-0.14%)
TRG 45.59 Decreased By ▼ -0.95 (-2.04%)
UNITY 25.99 Decreased By ▼ -0.19 (-0.73%)
WTL 1.20 No Change ▼ 0.00 (0%)
BR100 9,084 Decreased By -6.9 (-0.08%)
BR30 27,631 Increased By 252.1 (0.92%)
KSE100 85,453 Decreased By -216.1 (-0.25%)
KSE30 27,149 Decreased By -67.3 (-0.25%)
Markets

Copper slips from three-week high as dollar strengthens

  • Three-month copper on the London Metal Exchange (LME) declined 1.1% to $9,407 a tonne.
  • Copper has pulled back from the record peak of $10,747.50 touched in May, partly because of weak copper demand in China.
Published July 6, 2021

LONDON: Copper prices pulled back from their highest level in about three weeks on Tuesday after the dollar rebounded and oil prices slipped.

Copper had been building on two sessions of gains as investors bought the metal as a hedge against inflation amid a surge in oil prices to multi-year peaks.

But oil prices receded while the dollar index erased losses and moved into positive territory, making commodities priced in the US unit more expensive for buyers using other currencies.

Three-month copper on the London Metal Exchange (LME) declined 1.1% to $9,407 a tonne by 1405 GMT after hitting $9,632.50, its highest since June 16.

LME copper may rise to $9,733 this week

Also weighing on copper has been weak data from top metals consumer China while monthly orders for German-made goods in May showed the sharpest slump since last year's first coronavirus lockdown.

Copper has pulled back from the record peak of $10,747.50 touched in May, partly because of weak copper demand in China.

"Consumers are still standing away and other sectors of the trade are selling into rallies as they cannot see the justification for current price levels at this time of year," Malcolm Freeman of Kingdom Futures said in note.

A jump in demand for traditional lead-acid car batteries and lingering freight problems have created shortages of lead and driven up prices globally.

Lead was the only LME metal in positive territory, rising 0.4% to $2,294.50 a tonne.

Chile’s Antofagasta inks copper ore supply deals with China smelters

Traders are awaiting minutes due on Wednesday from the US Federal Reserve's latest policy meeting, which is expected to provide insight into last month's hawkish shift.

LME aluminium slipped 1.1% to $2,529 a tonne, zinc shed 0.3% to $2,937.50, nickel dropped 1.1% to $18,215 and tin was down 0.5% at $31,505 a tonne.

Comments

Comments are closed.