ANL 10.28 Decreased By ▼ -0.05 (-0.48%)
ASC 9.09 Increased By ▲ 0.02 (0.22%)
ASL 10.99 Decreased By ▼ -0.21 (-1.88%)
AVN 77.60 Decreased By ▼ -0.78 (-1%)
BOP 5.40 Decreased By ▼ -0.03 (-0.55%)
CNERGY 5.33 Decreased By ▼ -0.04 (-0.74%)
FFL 6.60 Decreased By ▼ -0.03 (-0.45%)
FNEL 5.85 Decreased By ▼ -0.10 (-1.68%)
GGGL 11.09 Increased By ▲ 0.03 (0.27%)
GGL 16.53 No Change ▼ 0.00 (0%)
GTECH 8.41 No Change ▼ 0.00 (0%)
HUMNL 7.14 Decreased By ▼ -0.02 (-0.28%)
KEL 3.00 Decreased By ▼ -0.09 (-2.91%)
KOSM 3.21 Increased By ▲ 0.17 (5.59%)
MLCF 27.00 No Change ▼ 0.00 (0%)
PACE 3.00 No Change ▼ 0.00 (0%)
PIBTL 5.94 Decreased By ▼ -0.13 (-2.14%)
PRL 17.90 Decreased By ▼ -0.30 (-1.65%)
PTC 6.97 Decreased By ▼ -0.05 (-0.71%)
SILK 1.17 Increased By ▲ 0.01 (0.86%)
SNGP 34.28 Decreased By ▼ -0.13 (-0.38%)
TELE 10.81 Decreased By ▼ -0.22 (-1.99%)
TPL 9.08 Increased By ▲ 0.03 (0.33%)
TPLP 20.15 Increased By ▲ 0.11 (0.55%)
TREET 29.15 Decreased By ▼ -0.35 (-1.19%)
TRG 77.11 Increased By ▲ 0.06 (0.08%)
UNITY 20.05 Decreased By ▼ -0.19 (-0.94%)
WAVES 12.80 Increased By ▲ 0.10 (0.79%)
WTL 1.33 Decreased By ▼ -0.04 (-2.92%)
YOUW 4.99 Increased By ▲ 0.19 (3.96%)
BR100 4,101 Increased By 22 (0.54%)
BR30 15,026 Decreased By -95.4 (-0.63%)
KSE100 41,541 Increased By 243.1 (0.59%)
KSE30 15,805 Increased By 108.4 (0.69%)

London copper prices edged higher on Wednesday, as hopes of more stimulus from top metals consumer China eclipsed pressure from a stronger dollar and global growth worries.

Benchmark three-month copper on the London Metal Exchange (LME) was up 0.1% at $10,319 a tonne, as of 0510 GMT, after hitting a two-week peak on Tuesday.

The most-active May copper contract on the Shanghai Futures Exchange ended the morning session down 0.7% at 74,620 yuan ($11,664.11).

China central bank urged financial institutions to step up support for the contact-intensive service sector and small firms affected by the COVID-19 pandemic, it said in a statement on Wednesday.

“The market keeps on looking to China for policy hints. I think policymakers are reluctant to stimulate housing sectors until COVID restrictions are in place,” said Stephen Innes, managing partner at SPI Asset Management.

“On a positive note, once those restrictions have been lifted, mainland regulators entourage banks to throw a lot of cash at the housing market.”

Copper lifted to two-week peak on China stimulus hopes

Suspension of operations at Las Bambas mine in Peru, which accounts for 2% of global copper supply, also stocked concerns over shortages.

Keeping a lid on prices, the dollar index held firm near a two-year peak against its rivals, making greenback-denominated metals more expensive for buyers using other currencies.

Dampening market appetite, the International Monetary Fund on Tuesday slashed its forecast for global economic growth by nearly a full percentage point, citing the Russia-Ukraine conflict.

PANDEMIC: Mainland China reported 19,927 new coronavirus cases for April 19, of which 2,761 were symptomatic and 17,166 asymptomatic.

NICKEL: Vale Indonesia’s nickel matte output in January-March stood at 13,827 tonnes, 9% lower than the 15,198 tonnes produced in the year-ago period.

OTHER METALS: LME aluminium eased 0.4% to $3,248 a tonne, zinc edged 0.1% lower to $4,493, lead fell 0.6% to $2,432, while tin gained 0.4% to $43,250.

Shanghai aluminium slipped 1.2%, nickel dipped 1.1%, lead also down 1.1%, while tin eased 0.1%.

Comments

Comments are closed.