BAFL 46.29 Decreased By ▼ -0.08 (-0.17%)
BIPL 20.27 Increased By ▲ 0.12 (0.6%)
BOP 5.36 Increased By ▲ 0.04 (0.75%)
CNERGY 4.85 Increased By ▲ 0.25 (5.43%)
DFML 17.51 Increased By ▲ 0.91 (5.48%)
DGKC 78.56 Increased By ▲ 0.71 (0.91%)
FABL 28.91 Increased By ▲ 0.70 (2.48%)
FCCL 20.51 Increased By ▲ 0.36 (1.79%)
FFL 9.50 Increased By ▲ 0.28 (3.04%)
GGL 12.97 Increased By ▲ 0.16 (1.25%)
HBL 112.13 Increased By ▲ 0.63 (0.57%)
HUBC 122.60 Decreased By ▼ -1.20 (-0.97%)
HUMNL 7.61 Decreased By ▼ -0.14 (-1.81%)
KEL 3.35 Increased By ▲ 0.08 (2.45%)
LOTCHEM 28.47 Increased By ▲ 0.02 (0.07%)
MLCF 41.54 Decreased By ▼ -0.21 (-0.5%)
OGDC 121.62 Increased By ▲ 6.12 (5.3%)
PAEL 18.75 Decreased By ▼ -0.29 (-1.52%)
PIBTL 5.53 Decreased By ▼ -0.05 (-0.9%)
PIOC 113.75 Increased By ▲ 1.15 (1.02%)
PPL 107.36 Increased By ▲ 7.16 (7.15%)
PRL 26.98 Increased By ▲ 1.28 (4.98%)
SILK 1.10 Decreased By ▼ -0.01 (-0.9%)
SNGP 69.60 Increased By ▲ 1.80 (2.65%)
SSGC 12.81 Increased By ▲ 0.26 (2.07%)
TELE 8.44 Decreased By ▼ -0.06 (-0.71%)
TPLP 13.36 Decreased By ▼ -0.04 (-0.3%)
TRG 85.53 Decreased By ▼ -0.12 (-0.14%)
UNITY 26.33 Decreased By ▼ -0.32 (-1.2%)
WTL 1.55 Decreased By ▼ -0.03 (-1.9%)
BR100 6,450 Increased By 73 (1.15%)
BR30 22,796 Increased By 419.9 (1.88%)
KSE100 62,956 Increased By 463 (0.74%)
KSE30 21,004 Increased By 174.8 (0.84%)

LONDON: Copper prices dipped on Thursday after the US 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 1.3% at $9,334 by 1605 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.

“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.

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.

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.

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.

LME aluminium fell 2.4% to $2,439 a tonne, zinc dropped 0.7% to $2,939, lead rose 0.3% to $2,297, tin was down 0.2% at $31,635 and nickel added 0.2% to $18,355.

Comments

Comments are closed.

Copper slips as Fed maintains taper timeline

General elections: Ministry of Finance releases Rs17.4bn to ECP

Inter-bank: rupee records 6th successive gain against US dollar

Open market: rupee edges higher against US dollar

Cotton arrival up 5.2% in last two weeks of Nov: PCGA

KSE-100 settles shy of 63,000 after 463-point gain

More than 15,900 Palestinians killed in Gaza since Oct. 7: Palestinian health minister

Situation in Gaza 'getting worse by the hour': WHO

India to be world’s third-largest economy by 2030: S&P Global Ratings

CodeNinja secures $1.6mn investment led by sAi Venture Capital

Pakistan women’s team secures historic T20I series win over New Zealand