ANL 22.45 Decreased By ▼ -0.65 (-2.81%)
ASC 15.96 Decreased By ▼ -0.14 (-0.87%)
ASL 22.40 Increased By ▲ 0.15 (0.67%)
BOP 8.40 Decreased By ▼ -0.15 (-1.75%)
BYCO 8.80 Decreased By ▼ -0.16 (-1.79%)
FCCL 17.91 Decreased By ▼ -0.16 (-0.89%)
FFBL 24.95 Increased By ▲ 0.50 (2.04%)
FFL 17.32 Decreased By ▼ -0.58 (-3.24%)
FNEL 8.23 Decreased By ▼ -0.17 (-2.02%)
GGGL 21.43 Decreased By ▼ -0.66 (-2.99%)
GGL 41.20 Decreased By ▼ -1.98 (-4.59%)
HUMNL 7.05 Increased By ▲ 0.03 (0.43%)
JSCL 20.35 Decreased By ▼ -0.50 (-2.4%)
KAPCO 37.96 Increased By ▲ 0.06 (0.16%)
KEL 3.55 Decreased By ▼ -0.06 (-1.66%)
MDTL 2.99 Decreased By ▼ -0.01 (-0.33%)
MLCF 36.67 Increased By ▲ 0.37 (1.02%)
NETSOL 151.40 Decreased By ▼ -1.90 (-1.24%)
PACE 5.85 Decreased By ▼ -0.13 (-2.17%)
PAEL 31.10 Decreased By ▼ -0.10 (-0.32%)
PIBTL 9.31 Decreased By ▼ -0.05 (-0.53%)
POWER 7.91 Increased By ▲ 0.01 (0.13%)
PRL 20.25 Decreased By ▼ -0.60 (-2.88%)
PTC 10.34 Decreased By ▼ -0.06 (-0.58%)
SILK 1.71 Increased By ▲ 0.04 (2.4%)
SNGP 44.67 Increased By ▲ 1.48 (3.43%)
TELE 22.20 Increased By ▲ 0.14 (0.63%)
TRG 174.60 Increased By ▲ 1.10 (0.63%)
UNITY 35.60 Decreased By ▼ -0.60 (-1.66%)
WTL 3.18 Decreased By ▼ -0.07 (-2.15%)
BR100 4,961 Decreased By ▼ -18.06 (-0.36%)
BR30 24,423 Decreased By ▼ -37.02 (-0.15%)
KSE100 46,528 Decreased By ▼ -107.87 (-0.23%)
KSE30 18,422 Decreased By ▼ -58.36 (-0.32%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,246
4024hr
Pakistan Cases
1,226,008
2,16724hr
4.22% positivity
Sindh
450,787
Punjab
422,790
Balochistan
32,769
Islamabad
104,242
KPK
171,388
Markets

Copper rises as dollar rally halts ahead of Fed minutes

  • Benchmark copper on LME was up 1.8% at $9,483 a tonne in official trading, recouping losses from the previous session.
07 Jul 2021

LONDON: Copper prices rose on Wednesday as the U.S. dollar steadied and investors waited for the release of minutes from the latest Federal Reserve meeting.

The minutes will likely show how serious the Fed is about tapering its asset buying and how soon it could begin to hike rates, with a hawkish turn potentially knocking riskier assets.

Benchmark copper on the London Metal Exchange (LME) was up 1.8% at $9,483 a tonne in official trading, recouping losses from the previous session.

Copper fell 2.1% on Tuesday as oil prices, stock markets and U.S. bond yields fell and the dollar rallied, making metals costlier for buyers outside the United States.

Copper slips from three-week high as dollar strengthens

The dollar steadied on Wednesday while oil and European, U.S. and Chinese equities rose.

Copper hit a record high of $10,747.50 a tonne in May and increasing demand for the metal for electrification and infrastructure should keep prices supported, said WisdomTree analyst Nitesh Shah.

"It's not just that demand is rising, it's that the supply seems to be lacking," he said. "Prices have got higher to go, though I wouldn't rule out a few months' pause."

FACTORIES: German industrial output fell 0.3% month on month in May, below analysts' expectations.

TECHNICALS: Copper hovered around its 100-day moving average at $9,426 and 50-day moving average at $9,497. Moves below these levels would worsen its technical outlook.

CHINA ECONOMY: China will use timely cuts in the bank reserve requirement ratio (RRR) to support the real economy, state media quoted the cabinet as saying.

CHINA SALES: China said it would continue to release stocks of copper, aluminium and zinc to cool prices.

CHINA RECYCLING: China said it aims to churn out 20 million tonnes of recycled non-ferrous metal.

PERU: Peru's socialist president-in-waiting expects mining firms to be won over to "prudent" plans to hike taxes on mineral resources.

ALUMINIUM: Plans by Russia to impose taxes on exports of aluminium have fuelled a surge in spot market costs for consumers in Europe and the United States.

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

PRICES: Benchmark aluminium was 0.1% lower at $2,528 a tonne, zinc rose 0.9% to $2,962, nickel was 1.8% higher at $18,317, lead was up 0.8% at $2,311.50 and tin gained 0.4% to $31,785.

Comments

Comments are closed.