ANL 16.20 Decreased By ▼ -0.18 (-1.1%)
ASC 14.63 Increased By ▲ 0.95 (6.94%)
ASL 20.04 Decreased By ▼ -0.41 (-2%)
BOP 8.55 Decreased By ▼ -0.05 (-0.58%)
BYCO 7.53 Increased By ▲ 0.24 (3.29%)
FCCL 17.50 Increased By ▲ 0.11 (0.63%)
FFBL 23.15 Increased By ▲ 1.68 (7.82%)
FFL 15.25 Increased By ▲ 0.35 (2.35%)
FNEL 7.35 Increased By ▲ 0.05 (0.68%)
GGGL 17.15 Increased By ▲ 0.74 (4.51%)
GGL 29.95 Increased By ▲ 0.10 (0.34%)
HUMNL 5.96 Increased By ▲ 0.17 (2.94%)
JSCL 20.68 Increased By ▲ 0.28 (1.37%)
KAPCO 28.99 Increased By ▲ 0.31 (1.08%)
KEL 3.48 Increased By ▲ 0.03 (0.87%)
MDTL 2.11 Decreased By ▼ -0.09 (-4.09%)
MLCF 33.60 Increased By ▲ 0.18 (0.54%)
NETSOL 106.00 Decreased By ▼ -1.55 (-1.44%)
PACE 4.33 Decreased By ▼ -0.17 (-3.78%)
PAEL 27.95 Increased By ▲ 0.75 (2.76%)
PIBTL 8.70 Increased By ▲ 0.10 (1.16%)
POWER 6.90 Decreased By ▼ -0.03 (-0.43%)
PRL 17.18 Increased By ▲ 0.87 (5.33%)
PTC 9.30 Increased By ▲ 0.12 (1.31%)
SILK 1.44 No Change ▼ 0.00 (0%)
SNGP 42.33 Increased By ▲ 0.27 (0.64%)
TELE 16.45 Decreased By ▼ -0.09 (-0.54%)
TRG 135.78 Decreased By ▼ -2.22 (-1.61%)
UNITY 29.90 Increased By ▲ 1.40 (4.91%)
WTL 2.40 Decreased By ▼ -0.05 (-2.04%)
BR100 4,668 Increased By ▲ 50.21 (1.09%)
BR30 20,892 Increased By ▲ 107.28 (0.52%)
KSE100 44,822 Increased By ▲ 487.85 (1.1%)
KSE30 17,521 Increased By ▲ 178.45 (1.03%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,269
1724hr
Pakistan Cases
1,264,384
72024hr
1.61% positivity
Sindh
465,486
Punjab
437,793
Balochistan
33,120
Islamabad
106,445
KPK
176,774

LONDON: Copper firmed on Wednesday as the dollar dipped on lower-than-expected U.S. inflation figures that softened expectations for stimulus to be tapered soon, while aluminium was powered by further cuts to production in China.

Three-month copper on the London Metal Exchange (LME) rose for the first time this week, climbing 1.9% to $9,619 per tonne by 1600 GMT.

Copper and other base metals were mostly trading on macro economic factors such as the U.S. inflation figures, which lowered the likelihood of the Fed withdrawing liquidity soon, said Saxo Bank analyst Ole Hansen.

A weaker dollar makes dollar-denominated commodities cheaper for non-U.S. firms, a relationship used by funds to generate buy and sell signals.

Meanwhile, aluminium producer Shaanxi Nonferrous Yulin New Material will have to reduce its output by 50% in September as part of energy consumption controls, according to a local government document posted by consultancy MySteel.

The company, which has smelting capacity of around 600,000 tonnes per year, and a local official were not immediately able to comment on the document.

“A combination of strong (aluminium) demand and ongoing supply disruptions have caused prices to rally and are likely to keep the aluminium market tight and prices well bid into next year,” UBS analysts said.

Aluminium prices rose 2.5% to $2,900.50 per tonne.

CHINA DATA: Capping gains in most metals were faltering factory and retail activity in August in China, owing to new coronavirus outbreaks and supply disruptions.

Alastair Munro at broker Marex said the ongoing bearish macro sentiment seen in China’s below-expectation economic data could already be “largely built into current price levels”.

ALUMINIUM: China’s aluminium output in August slipped for a fourth straight month to 3.16 million tonnes, as restrictions on metal production and power usage in key smelting hubs kept supply tight.

SPREADS: LME copper and aluminium spreads remain in contango, indicating adequate nearby supply.

OTHER PRICES: Zinc added 0.9% to $3,080 a tonne and lead fell 1.8% to $2,232, after touching its lowest in over three months. Tin was up 1.9% at $34,040, while nickel rose 2% to $20,010.

Comments

Comments are closed.