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

Copper prices on Thursday climbed to their strongest in two weeks, supported by a weaker dollar and signs that top metals consumer China was shifting away from its stringent COVID-19 curbs policy.

Three-month copper on the London Metal Exchange rose as much as 1.5% to $8,363 a tonne during Asian trading, its highest since Nov. 16, extending gains to a third session.

It was up 0.7% at $8,297, as of 0330 GMT.

On the Shanghai Futures Exchange, the most-traded January copper contract ended morning trade up 1.5% at 65,780 yuan ($9,301.34) a tonne.

Earlier in the session, it hit 66,050 yuan, its loftiest since Nov. 18.

Easing of Covid curbs in big Chinese cities like Guangzhou and Chongqing helped, with investors shrugging off data showing a contraction in China’s factory activity in November.

“We believe that Chinese authorities are shifting to a ‘living with COVID’ stance, as reflected in new rules that allow people to do ‘home isolation’ instead of being ferried away to quarantine facilities,” ANZ analysts said.

Copper moves higher on China demand hopes

The dollar index extended Wednesday’s more than 1% drop, dipping as low as 105.69 on Thursday, making greenback-priced metals cheaper for buyers using other currencies.

“Remarks from US Fed Chair Jerome Powell were received positively by markets, setting off a rally in bond markets and a sell-off in the US dollar,” ANZ analysts said in a note.

Powell signalled on Wednesday it was time to slow the pace of coming interest rate hikes following the Fed’s aggressive tightening moves to curb inflation.

LME aluminium edged 0.3% higher to $2,484 a tonne, zinc added 0.7% to $3,060, tin climbed 0.6% to $23,050, while lead slipped 0.2% to $2,189.50.

SHFE aluminium rose 1.4% to 19,115 yuan a tonne, nickel climbed 1.7% to 202,080 yuan, zinc advanced 2.6% to 24,430 yuan, and tin gained 1% to 186,860 yuan.

Comments

Comments are closed.

Copper jumps to 2-week high on weak dollar, China reopening hopes

Rupee falls 0.35%, settles at 276.28 against US dollar

Government postpones All Parties Conference again as PM will be in Turkiye

KSE-100 rises 0.81% on optimism over resolution of gas sector circular debt

Up to $5mn smuggled into Afghanistan from Pakistan daily: report

PM Shehbaz orders establishment of relief fund to aid Turkiye

Debt reprofiling viable option for Pakistan under IMF watch: report

Adani-owned NDTV's profit more than halves on advertising drop

US trade deficit widens in 2022 to record on strong imports

Islamabad court rejects Sheikh Rashid’s bail petition

Former president Pervez Musharraf laid to rest in Karachi: ISPR