AGL 8.30 Increased By ▲ 0.44 (5.6%)
ANL 10.59 Increased By ▲ 0.24 (2.32%)
AVN 78.60 Increased By ▲ 0.70 (0.9%)
BOP 5.45 Increased By ▲ 0.06 (1.11%)
CNERGY 5.59 Increased By ▲ 0.58 (11.58%)
EFERT 80.25 Decreased By ▼ -0.55 (-0.68%)
EPCL 69.60 Increased By ▲ 1.50 (2.2%)
FCCL 15.30 Increased By ▲ 0.74 (5.08%)
FFL 6.53 Increased By ▲ 0.33 (5.32%)
FLYNG 7.18 Increased By ▲ 0.53 (7.97%)
GGGL 10.85 Increased By ▲ 0.27 (2.55%)
GGL 16.79 Increased By ▲ 0.38 (2.32%)
GTECH 8.14 Increased By ▲ 0.02 (0.25%)
HUMNL 7.04 Increased By ▲ 0.02 (0.28%)
KEL 2.99 Increased By ▲ 0.11 (3.82%)
LOTCHEM 30.77 Increased By ▲ 2.24 (7.85%)
MLCF 28.98 Increased By ▲ 2.03 (7.53%)
OGDC 82.75 Increased By ▲ 0.60 (0.73%)
PAEL 16.97 Increased By ▲ 0.32 (1.92%)
PIBTL 6.08 Increased By ▲ 0.24 (4.11%)
PRL 18.10 Increased By ▲ 1.35 (8.06%)
SILK 1.15 Increased By ▲ 0.05 (4.55%)
TELE 11.25 Increased By ▲ 0.28 (2.55%)
TPL 9.20 Decreased By ▼ -0.02 (-0.22%)
TPLP 19.88 Increased By ▲ 0.22 (1.12%)
TREET 26.46 Increased By ▲ 0.55 (2.12%)
TRG 94.60 Increased By ▲ 0.99 (1.06%)
UNITY 19.50 Increased By ▲ 0.50 (2.63%)
WAVES 14.34 Increased By ▲ 0.78 (5.75%)
WTL 1.30 Increased By ▲ 0.06 (4.84%)
BR100 4,187 Increased By 80.1 (1.95%)
BR30 15,474 Increased By 343.5 (2.27%)
KSE100 42,096 Increased By 670.9 (1.62%)
KSE30 15,883 Increased By 222.7 (1.42%)

LONDON: Copper prices steadied on Wednesday near 4-1/2 month lows as traders weighed the risks of rising interest rates, COVID outbreaks in China and slowing factory activity impacting demand.

Benchmark copper on the London Metal Exchange (LME) was up 1.5% at $9,549 at 1613 GMT after falling 3.7% on Tuesday.

The metal, used in power and construction, surged from less than $5,000 a tonne in March 2020 to a record high of $10,845 in March this year, but is now down around 13% from that peak.

“The outlook in the short term is challenging,” said Saxo Bank analyst Ole Hansen. But he said that over the longer term prices would be supported by the shift from fossil fuels to electrification, which will require large amounts of copper.

China holiday: Chinese markets have been closed for a public holiday, reducing trading activity. They reopen on Thursday.

Covid: The Chinese capital Beijing is trying to stop the spread of COVID-19 and avoid the fate of Shanghai, where millions have been under strict lockdown for more than a month.

Copper hits near 3-month low on growth fears

“A deteriorating COVID situation is one of the key headwinds weighing on metals,” said ING analyst Wenyu Yao. China is the world’s biggest metals consumer.

China’s central bank pledged monetary policy support to the economy on Wednesday.

Factories: Data in recent days show manufacturing activity slowing or contracting in China, the United States and Europe in April.

Fed: The U.S. Federal Reserve is expected on Wednesday to raise interest rates by 0.5% - the biggest hike since 2000.

Dollar: The U.S. dollar is near a 20-year high against a basket of major global currencies, making dollar-priced metals costlier for non-U.S. buyers.

Lead: The LME said it was suspending with immediate effect warranting of Russian-produced lead in its warehouses following European sanctions on Russia. It said there was currently no Russian lead in its system.

Benchmark lead was up 1.5% at $2,285.50 a tonne.

Other metals: LME aluminium was up 2.7% at $2,990 a tonne after falling 4.6% on Tuesday. Zinc rose 0.2% to $3,967.50, nickel fell 0.9% to $30,705 and tin was 1.1% higher at $40,705.

Comments

Comments are closed.