ANL 15.34 Decreased By ▼ -0.54 (-3.4%)
ASC 13.24 Decreased By ▼ -0.26 (-1.93%)
ASL 17.60 Decreased By ▼ -0.70 (-3.83%)
BOP 8.70 Decreased By ▼ -0.18 (-2.03%)
BYCO 7.20 Decreased By ▼ -0.15 (-2.04%)
FCCL 18.44 Increased By ▲ 0.35 (1.93%)
FFBL 22.95 Decreased By ▼ -0.15 (-0.65%)
FFL 15.05 Decreased By ▼ -0.25 (-1.63%)
FNEL 7.09 Decreased By ▼ -0.02 (-0.28%)
GGGL 16.70 Decreased By ▼ -0.16 (-0.95%)
GGL 27.80 Decreased By ▼ -0.35 (-1.24%)
HUMNL 6.70 Increased By ▲ 0.06 (0.9%)
JSCL 19.25 Decreased By ▼ -0.35 (-1.79%)
KAPCO 26.70 Decreased By ▼ -0.30 (-1.11%)
KEL 3.42 Decreased By ▼ -0.01 (-0.29%)
MDTL 2.14 Decreased By ▼ -0.04 (-1.83%)
MLCF 35.30 Increased By ▲ 0.29 (0.83%)
NETSOL 101.20 Decreased By ▼ -2.55 (-2.46%)
PACE 4.11 Decreased By ▼ -0.07 (-1.67%)
PAEL 26.19 Decreased By ▼ -0.96 (-3.54%)
PIBTL 8.14 Decreased By ▼ -0.06 (-0.73%)
POWER 7.25 Increased By ▲ 0.32 (4.62%)
PRL 16.11 Decreased By ▼ -0.33 (-2.01%)
PTC 9.04 Decreased By ▼ -0.04 (-0.44%)
SILK 1.47 Decreased By ▼ -0.03 (-2%)
SNGP 39.97 Decreased By ▼ -0.78 (-1.91%)
TELE 16.55 Decreased By ▼ -0.59 (-3.44%)
TRG 126.00 Decreased By ▼ -4.36 (-3.34%)
UNITY 29.35 Decreased By ▼ -0.55 (-1.84%)
WTL 2.38 Decreased By ▼ -0.05 (-2.06%)
BR100 4,730 Decreased By ▼ -33.56 (-0.7%)
BR30 20,317 Decreased By ▼ -354.35 (-1.71%)
KSE100 45,578 Decreased By ▼ -243.04 (-0.53%)
KSE30 17,872 Decreased By ▼ -134.34 (-0.75%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,344
1624hr
Pakistan Cases
1,267,393
56724hr
1.45% positivity
Sindh
466,945
Punjab
438,636
Balochistan
33,159
Islamabad
106,615
KPK
177,240
Markets

Copper rises as Shanghai exchange stockpiles hit 12-yr low

  • ShFE copper inventories on Friday fell for the seventh straight week to 44,629 tonnes, their lowest since June 2009
27 Sep 2021

Copper prices rose on Monday as stockpiles in Chinese exchange warehouses dropped to their lowest levels in more than 12 years, with a shortage of scrap metal boosting demand for refined copper.

Three-month copper on the London Metal Exchange rose 0.5% to $9,380.50 a tonne by 0420 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange advanced 0.9% to 69,630 yuan ($10,768.29) a tonne.

ShFE copper inventories on Friday fell for the seventh straight week to 44,629 tonnes, their lowest since June 2009.

"Reduced scrap flow continues to propel consumers to buy cathode instead," ING analysts said in a note.

Tighter restrictions in China and supply disruptions limited supplies of scrap copper, forcing some users to switch to copper cathode for consumption.

Yangshan copper premium rose to $114 a tonne, suggesting improving demand to import the metal into China, and LME cash copper's premium over the three-month contract was at $11.25 a tonne, indicating tight nearby supply.

Chinese commodity producers and manufacturers have also been hit by widening power curbs, put in place to keep emissions in check.

ING analysts said the power crunch would support prices as it would lead to reduced supply, but also have a negative effect as it impacts semi-fabricating and downstream consumers.

Fundamentals

  • LME nickel fell 1% to $19,200 a tonne and zinc declined 0.9% to $3,100.50 a tonne.

  • ShFE aluminium dropped 1.3% to 22,890 yuan a tonne, nickel fell 0.5% to 144,7120 yuan a tonne while lead rose 1.2% to 14,480 yuan a tonne.

    • ShFE aluminium inventories on Friday rose for the first time in five weeks to 229,847 tonnes, easing supply shortage worries and pressuring prices.
  • Belgium-based Nyrstar has cut zinc production at its smelter in the Netherlands because of the rise in electricity prices in Europe, the company said in a statement.

Comments

Comments are closed.