AIRLINK 71.69 Decreased By ▼ -2.41 (-3.25%)
BOP 5.00 No Change ▼ 0.00 (0%)
CNERGY 4.39 Increased By ▲ 0.05 (1.15%)
DFML 28.55 Decreased By ▼ -0.99 (-3.35%)
DGKC 82.40 Decreased By ▼ -1.15 (-1.38%)
FCCL 21.95 Decreased By ▼ -0.48 (-2.14%)
FFBL 34.15 Decreased By ▼ -0.75 (-2.15%)
FFL 10.08 Increased By ▲ 0.21 (2.13%)
GGL 10.12 Increased By ▲ 0.12 (1.2%)
HBL 113.00 Increased By ▲ 1.00 (0.89%)
HUBC 140.50 Increased By ▲ 2.81 (2.04%)
HUMNL 8.03 Increased By ▲ 1.05 (15.04%)
KEL 4.38 Decreased By ▼ -0.02 (-0.45%)
KOSM 4.50 Decreased By ▼ -0.09 (-1.96%)
MLCF 38.01 Decreased By ▼ -0.54 (-1.4%)
OGDC 134.69 Decreased By ▼ -1.91 (-1.4%)
PAEL 26.62 Increased By ▲ 1.48 (5.89%)
PIAA 25.40 Decreased By ▼ -1.11 (-4.19%)
PIBTL 6.55 Decreased By ▼ -0.10 (-1.5%)
PPL 121.95 Decreased By ▼ -3.45 (-2.75%)
PRL 27.73 Decreased By ▼ -0.48 (-1.7%)
PTC 13.80 Decreased By ▼ -0.50 (-3.5%)
SEARL 54.89 Increased By ▲ 0.29 (0.53%)
SNGP 69.70 Decreased By ▼ -1.50 (-2.11%)
SSGC 10.40 Decreased By ▼ -0.10 (-0.95%)
TELE 8.50 Decreased By ▼ -0.02 (-0.23%)
TPLP 10.95 Increased By ▲ 0.01 (0.09%)
TRG 60.90 Increased By ▲ 0.20 (0.33%)
UNITY 25.22 Decreased By ▼ -0.11 (-0.43%)
WTL 1.28 Increased By ▲ 0.02 (1.59%)
BR100 7,619 Decreased By -45.8 (-0.6%)
BR30 24,969 Decreased By -56.1 (-0.22%)
KSE100 72,761 Decreased By -3 (-0%)
KSE30 23,625 Decreased By -150.3 (-0.63%)

LONDON: Copper prices held near 16-month lows on Wednesday as investors weighed the risk that rapid interest rate rises will reduce global economic growth and metals demand.

Industrial metals have tumbled alongside stock markets as central bankers stepped up talk of action to contain decades-high inflation.

Benchmark copper on the London Metal Exchange (LME) was up 0.6% at $8,418 a tonne at 1559 GMT, near last week’s low of $8,122.50 and down from a record high of $10,845 in March.

“It’s too early to say if we’re out of the woods,” said Saxo Bank analyst Ole Hansen.

“It depends on the level to which we see a deterioration of the view on global growth and whether China can find a way out of its COVID lockdowns.”

NICKEL/POTANIN: LME nickel prices briefly shot up after Britain sanctioned Vladimir Potanin, who owns 36% of top producer Norilsk Nickel.

A Norilsk executive said its lawyers were studying the measures against Potanin but that “we as a company are not under sanctions.” Analysts said Russia’s nickel exports would likely be little affected.

By 1559 GMT, nickel was up 2.6% at $23,750 a tonne.

INTEREST RATES: Weak economic data in Europe and the United States has not prevented central bankers from doubling down on hawkish rhetoric.

CHINA FACTORIES: A Reuters poll showed that China’s factory activity likely expanded in June for the first time in four months.

CHINA PROPERTY: In a positive sign for metals demand, homebuilder China Vanke Co said the troubled Chinese property market has bottomed in the short term.

CHINA GROWTH: S&P cut its China GDP growth forecast this year to 3.3%.

POSITIONING: Speculative investors are turning bearish on copper.

FUNDAMENTALS: Output disruptions, supply dislocations and relatively thin exchange inventories support metal prices, Standard Chartered analysts said in a note.

ALUMINIUM: Some Japanese aluminium buyers have agreed to pay a premium of $148 a tonne over the benchmark price for July-September shipments, down 14% from the current quarter, sources said.

METALS PRICES: LME aluminium was down 0.9% at $2,468 a tonne, zinc rose 0.3% to $3,343, lead slipped 2.2% to $1,928 and tin was 0.6% lower at $26,650.

Comments

Comments are closed.