AVN 65.51 Decreased By ▼ -0.66 (-1%)
BAFL 30.00 Decreased By ▼ -0.25 (-0.83%)
BOP 4.63 Decreased By ▼ -0.10 (-2.11%)
CNERGY 3.89 Decreased By ▼ -0.12 (-2.99%)
DFML 13.31 Decreased By ▼ -0.79 (-5.6%)
DGKC 42.40 Decreased By ▼ -1.29 (-2.95%)
EPCL 45.95 Increased By ▲ 1.30 (2.91%)
FCCL 11.48 Decreased By ▼ -0.35 (-2.96%)
FFL 5.18 Increased By ▲ 0.21 (4.23%)
FLYNG 5.85 Decreased By ▼ -0.25 (-4.1%)
GGL 10.07 Decreased By ▼ -0.31 (-2.99%)
HUBC 62.70 Increased By ▲ 0.40 (0.64%)
HUMNL 5.80 Decreased By ▼ -0.05 (-0.85%)
KAPCO 27.75 Increased By ▲ 0.20 (0.73%)
KEL 2.15 Decreased By ▼ -0.06 (-2.71%)
LOTCHEM 25.90 Decreased By ▼ -0.70 (-2.63%)
MLCF 21.70 Decreased By ▼ -0.82 (-3.64%)
NETSOL 84.90 Decreased By ▼ -1.30 (-1.51%)
OGDC 85.61 Decreased By ▼ -0.66 (-0.77%)
PAEL 10.91 Decreased By ▼ -0.36 (-3.19%)
PIBTL 4.24 Decreased By ▼ -0.04 (-0.93%)
PPL 77.90 Decreased By ▼ -2.18 (-2.72%)
PRL 13.58 Decreased By ▼ -0.08 (-0.59%)
SILK 0.90 No Change ▼ 0.00 (0%)
SNGP 40.70 Decreased By ▼ -1.05 (-2.51%)
TELE 6.05 Decreased By ▼ -0.16 (-2.58%)
TPLP 16.00 Decreased By ▼ -0.27 (-1.66%)
TRG 110.94 Decreased By ▼ -1.61 (-1.43%)
UNITY 13.99 Decreased By ▼ -0.36 (-2.51%)
WTL 1.15 Decreased By ▼ -0.05 (-4.17%)
BR100 4,031 Decreased By -43.7 (-1.07%)
BR30 14,353 Decreased By -172.4 (-1.19%)
KSE100 40,458 Decreased By -388.1 (-0.95%)
KSE30 15,098 Decreased By -114.1 (-0.75%)
Follow us

LONDON: Copper prices rose on Wednesday, recouping losses from the previous session, as 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 1.6% at $9,465 a tonne at 1600 GMT.

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

The dollar rose again on Wednesday and oil and bond yields fell, but stock markets were more resilient.

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.”

German industrial output fell 0.3% month on month in May, below analysts’ expectations.

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

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

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

Peru’s socialist president-in-waiting expects mining firms to be won over to “prudent” plans to hike taxes on mineral resources.

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.

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

Benchmark aluminium was 1.2% lower at $2,499 a tonne, zinc rose 0.8% to $2,958.50, nickel was 1.8% higher at $18,325, lead was down 0.2% at $2,289.50 and tin was flat at $31,680.

Comments

Comments are closed.

Copper rises as investors await Fed minutes

PM Shehbaz hopeful of IMF programme revival ‘this month’

Islamabad court sends Fawad Chaudhry to Adiala jail on 14-day judicial remand

India’s Adani slammed by $48bn stock rout, clouding record share sale

Signing of deal in March: Refineries to get Russian oil by April-end

Premature termination of PPA of Hubco power plant recommended

Govt may exempt solar equipment from all taxes

Canada names journalist Amira Elghawaby as first anti-Islamophobia advisor

India expects more clashes with Chinese troops in Himalayas

To be presented in first week of June: FY24 budget call circular issued to ministries, divisions

Power surge crashes grid, plunging millions into darkness