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

LONDON: Copper prices rose on Thursday after signals from the US Federal Reserve that it was in no rush to tighten and efforts by China to calm fears of new regulation spread a bullish mood through markets.

Global equities rose, with strong company earnings pushing US indexes to all-time highs, while China's yuan strengthened and the dollar fell to a one-month low, helping dollar-priced metals by making them cheaper for buyers outside the United States. Also lifting copper were the threat of a strike at a major mine in Chile and progress of a $1 trillion infrastructure investment bill in the US Senate.

Benchmark copper on the London Metal Exchange (LME) was up 1.3% at $9,816 a tonne at 1603 GMT, near a record high of $10,747.50 reached in May.

Many analysts expect demand for copper for power and construction to outstrip supply in the coming years, but with prices up 60% from the start of 2020, a move lower is likely later in the year, said Commerzbank's Daniel Briesemann.

"I'm convinced we will see higher or even much higher prices in the next few years, but it should not be a one way street and we need some healthy corrections," he said.

FED: Jerome Powell said the Fed was "some ways away" from substantial progress on jobs that is needed to start tapering.

CHINA: China stepped up attempts to calm investor nerves after a market rout this week by telling foreign brokerages not to "overinterpret" its latest regulatory actions.

STRIKE: The union of workers at BHP's Escondida copper mine in Chile, the world's largest, called upon its members to vote to strike.

STIMULUS: A roughly $1 trillion infrastructure bill passed a key milestone that moves the legislation toward formal debate and possible passage.

GROWTH: The US economy grew solidly in the second quarter, pulling its GDP above its pre-pandemic peak.

CHINA SALES: China released 170,000 tonnes of copper, aluminium and zinc from its state reserves as part of efforts to keep a lid on prices.

OTHER METALS: Aluminium was up 2% at $2,588.50 a tonne, zinc rose 1% to $3,008, lead added 1.2% to $2,371.50, tin gained 1.2% to $34,825 and nickel was 1.6% higher at $19,860.

Comments

Comments are closed.