AVN 67.60 Increased By ▲ 0.50 (0.75%)
BAFL 30.99 Decreased By ▼ -0.01 (-0.03%)
BOP 4.91 Increased By ▲ 0.01 (0.2%)
CNERGY 3.74 Decreased By ▼ -0.04 (-1.06%)
DFML 14.03 Decreased By ▼ -0.40 (-2.77%)
DGKC 41.11 Decreased By ▼ -0.74 (-1.77%)
EPCL 46.58 Increased By ▲ 0.01 (0.02%)
FCCL 11.60 Decreased By ▼ -0.09 (-0.77%)
FFL 5.03 Decreased By ▼ -0.04 (-0.79%)
FLYNG 5.85 Increased By ▲ 0.05 (0.86%)
GGL 10.34 Decreased By ▼ -0.08 (-0.77%)
HUBC 68.04 Increased By ▲ 0.04 (0.06%)
HUMNL 5.74 Decreased By ▼ -0.02 (-0.35%)
KAPCO 28.02 Decreased By ▼ -0.08 (-0.28%)
KEL 2.26 Decreased By ▼ -0.03 (-1.31%)
LOTCHEM 25.02 Decreased By ▼ -0.03 (-0.12%)
MLCF 21.45 Decreased By ▼ -0.24 (-1.11%)
NETSOL 87.66 Increased By ▲ 1.66 (1.93%)
OGDC 99.30 Increased By ▲ 6.92 (7.49%)
PAEL 11.00 Decreased By ▼ -0.09 (-0.81%)
PIBTL 4.26 Increased By ▲ 0.02 (0.47%)
PPL 81.12 Increased By ▲ 0.97 (1.21%)
PRL 13.23 Decreased By ▼ -0.41 (-3.01%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 43.85 Increased By ▲ 0.38 (0.87%)
TELE 6.12 Increased By ▲ 0.16 (2.68%)
TPLP 15.66 Decreased By ▼ -0.07 (-0.45%)
TRG 118.99 Increased By ▲ 3.98 (3.46%)
UNITY 14.01 Increased By ▲ 0.16 (1.16%)
WTL 1.23 Increased By ▲ 0.07 (6.03%)
BR100 4,171 Increased By 47 (1.14%)
BR30 15,253 Increased By 323.5 (2.17%)
KSE100 41,523 Increased By 332 (0.81%)
KSE30 15,663 Increased By 168.9 (1.09%)
Follow us

LONDON: Aluminium and other base metal prices ticked lower on Wednesday as top metals consumer China dashed hopes of an easing in strict COVID-19 restrictions that have dampened economic growth.

Three-month aluminium on the London Metal Exchange (LME) dropped 0.7% to $2,219.50 a tonne in official open-outcry trading, its fifth day of losses.

China will persist with its COVID-19 policies to guard against new coronavirus strains and the risks they bring, the official newspaper of the Communist Party warned in a commentary for the third straight day on Wednesday.

“The market had been hoping for some kind of easing in the aftermath of the Congress, but it looks like they’re putting all their efforts into maintaining these restrictions,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

Ahead of a Communist Party congress starting on Oct. 16, Beijing and its neighbouring regions carried out environmental inspections on factories that have trimmed spot metals demand.

One China-based metals trader said: “Buyers in Shanxi province lowered their spot purchases as their production is being affected by inspections that currently take place a few times a week.”

LME copper saw losses of 0.5% to $7,560 a tonne, with support coming from supply worries.

Copper staggers lower on rising recession fears, firmer dollar

Miners in the world’s biggest copper producer Chile were looking at transportation alternatives after a key railway suspended transport of a major copper product due to growing theft in the country’s main mining region.

Copper output in Chile fell 10.2% in August.

Speculators were becoming more reluctant to take bearish positions in copper in recent weeks, Hansen said.

“Copper is not really fully responding to the demand downgrades that we’re seeing in the belief that there should be some supply issues as well,” he said.

Short-term supply tightness was showing up in the premium of the LME cash over the three month contract, which rose to $70.15 a tonne from $42.25 last Thursday.

In other metals, LME nickel shed 1.4% in official activity to $21,765 a tonne and tin declined 1.8% to $19,895, but zinc gained 0.5% to $2,943 and lead rose 0.4% to $2,024.

Comments

Comments are closed.

Aluminium extends losses as China sticks to COVID curbs

FY24 budget: FBR invites proposals on income tax

AIIB chief economist briefed about state of economy

Dar inducts four new members into ‘RRMC’

Reason behind cut in PSDP disbursement identified

Rs 417bn received by KP: Cabinet decides to conduct audit

Thar coal-based power plant: COD achieved

Power breakdown of Jan 23: Senate panel directs Power Division to conduct probe

LCCI says wants ‘charter of economy’, not elections

TAPI gas pipeline: Pakistan willing to go ahead with or without India

Rs650bn collection likely: 1pc hike in ST thru ordinance on the cards