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 slips as Fed maintains taper timeline

  • Benchmark three-month copper on LME was down 1.6% at $9,303 by 1100 GMT.
08 Jul 2021

LONDON: Copper prices dipped on Thursday after the U.S. Federal Reserve confirmed plans to tighten monetary policy sooner than expected.

The Fed's plans, which would reduce liquidity in the market, has helped to drag back copper prices from the $10,747.50 a tonne record high touched in May.

Benchmark three-month copper on the London Metal Exchange (LME) was down 1.6% at $9,303 by 1100 GMT.

The Fed's switch to a more hawkish stance was signalled at the its June policy meeting, pushing the dollar higher and making assets priced in the greenback more expensive for holders of other currencies.

Copper slips from three-week high as dollar strengthens

"The (Fed's minutes) saw a continuation of the sell-off that started June 16 when the Fed surprisingly sent hawkish signals by bringing forward rate hike projections," said ING analyst Wenyu Yao.

"Over the last two weeks the macro market is seeing a capitulation of reflation trade ... that is giving a lot of pressure to metals, especially copper."

China raised expectations that it could ease monetary policy to support its economy, which Saxo Bank analyst Ole Hansen said was interpreted by the market as sign of weakness in the world's top metals consumer.

INVENTORIES: Total stocks in LME-registered warehouses are at their highest in more than a year at 212,575 tonnes.

The LME cash contract is at a $33 a tonne discount to the three-month price, pointing to plentiful supply.

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

OTHER PRICES: LME aluminium fell 1.9% to $2,453 a tonne, zinc dropped 1.9% to $2,927, lead shed 1% to $2,268, tin was down 0.4% at $31,580 and nickel gave up 0.4% to $18,230.

Comments

Comments are closed.