AGL 5.77 Decreased By ▼ -0.31 (-5.1%)
ANL 9.01 Decreased By ▼ -0.39 (-4.15%)
AVN 78.40 Decreased By ▼ -3.06 (-3.76%)
BOP 5.16 Decreased By ▼ -0.11 (-2.09%)
CNERGY 4.66 Decreased By ▼ -0.24 (-4.9%)
EFERT 80.54 Decreased By ▼ -1.01 (-1.24%)
EPCL 51.97 Decreased By ▼ -2.03 (-3.76%)
FCCL 13.59 Decreased By ▼ -0.81 (-5.63%)
FFL 5.87 Decreased By ▼ -0.18 (-2.98%)
FLYNG 7.09 Decreased By ▼ -0.47 (-6.22%)
FNEL 4.82 Decreased By ▼ -0.18 (-3.6%)
GGGL 8.89 Decreased By ▼ -0.43 (-4.61%)
GGL 15.89 Decreased By ▼ -0.81 (-4.85%)
HUMNL 5.83 Increased By ▲ 0.14 (2.46%)
KEL 2.60 Decreased By ▼ -0.19 (-6.81%)
LOTCHEM 29.94 Decreased By ▼ -0.61 (-2%)
MLCF 25.40 Decreased By ▼ -2.39 (-8.6%)
OGDC 72.23 Decreased By ▼ -1.77 (-2.39%)
PAEL 15.42 Decreased By ▼ -0.77 (-4.76%)
PIBTL 5.03 Decreased By ▼ -0.20 (-3.82%)
PRL 16.37 Decreased By ▼ -0.92 (-5.32%)
SILK 1.09 No Change ▼ 0.00 (0%)
TELE 9.60 Decreased By ▼ -0.44 (-4.38%)
TPL 7.30 Decreased By ▼ -0.40 (-5.19%)
TPLP 19.18 Decreased By ▼ -0.59 (-2.98%)
TREET 21.93 Decreased By ▼ -1.26 (-5.43%)
TRG 144.54 Decreased By ▼ -2.81 (-1.91%)
UNITY 16.60 Decreased By ▼ -0.59 (-3.43%)
WAVES 10.01 Decreased By ▼ -0.37 (-3.56%)
WTL 1.36 Decreased By ▼ -0.10 (-6.85%)
BR100 4,230 Decreased By -100.1 (-2.31%)
BR30 15,822 Decreased By -474.4 (-2.91%)
KSE100 42,071 Decreased By -832.3 (-1.94%)
KSE30 15,504 Decreased By -300.7 (-1.9%)
Follow us

LONDON: Copper prices climbed on Friday as the dollar was dragged down by a lacklustre reading of the US jobs market, stoking optimism for a more gradual tapering of stimulus in the world’s largest economy.

Benchmark copper on the London Metal Exchange was up 0.6% at $9,439 per tonne by 1600 GMT.

The metal used mainly in power and construction is set to end the week marginally higher, adding to a 4% weekly gain in the previous week.

The dollar sank to its lowest in almost a month against major rivals, supporting metals prices by making greenback-priced commodities cheaper for holders of other currencies.

US job growth slowed more than expected in August amid a softening in demand for services and persistent worker shortages as COVID-19 infections soared.

Base metals were supported by the prospects that tapering has been delayed by the weak jobs data, said Saxo Bank analyst Ole Hansen.

INVENTORIES: Visible stocks of copper were down, underpinning prices. On-warrant copper stocks in LME-registered warehouses have fallen by a third in the last two weeks to 152,475 tonnes.

In warehouses monitored by the Shanghai Futures Exchange, weekly copper stocks fell 15.9% to 69,278 tonnes.

CHINA: Activity in China’s services sector slumped into sharp contraction in August, a private survey showed, as restrictions to curb the COVID-19 Delta variant threatened to derail the recovery in the world’s largest metals consumer.

ALUMINIUM: A prolonged period of high aluminium prices created partly by output cuts in China is expected to encourage new capacity in other parts of the world, which will eventually weigh on prices trading at 10-year highs.

Aluminium was up 1% to $2,723 a tonne.

OTHER METALS: Zinc added 0.7% to $2,999 a tonne, lead shed 0.3% to $2,305, tin was down 1.2% at $33,100 while nickel was up 1.5% at $19,744, after touching a five-week high.

Comments

Comments are closed.

Copper boosted by declining dollar

KSE-100 plummets 2% as market reacts to 'surprise' rate hike

TTP ends ceasefire with govt, orders ‘attacks’ in country

Fawad says PTI leadership has ratified Imran's decision to dissolve KP, Punjab assemblies

KATI patron-in-chief, industrialist S.M. Muneer passes away in Karachi

Pakistan's delegation leaves for Russia to hold discussions on oil, gas

Rupee largely stable, settles at 223.95 against US dollar

Oil falls to near year’s lows on China demand worries

Pakistan, Luxembourg agree to enhance multiple cooperation, creating start-ups linkages

Pak Army’s ‘political quarantine’ will augur well for Pakistan: Gen Bajwa

Hina Rabbani Khar to visit Afghanistan on Tuesday: FO