BAFL 50.00 Increased By ▲ 3.50 (7.53%)
BIPL 22.46 Increased By ▲ 1.31 (6.19%)
BOP 5.43 Decreased By ▼ -0.10 (-1.81%)
CNERGY 5.07 Increased By ▲ 0.17 (3.47%)
DFML 18.99 Increased By ▲ 0.17 (0.9%)
DGKC 80.18 Increased By ▲ 0.18 (0.23%)
FABL 33.03 Increased By ▲ 2.18 (7.07%)
FCCL 20.26 Decreased By ▼ -0.13 (-0.64%)
FFL 9.61 Increased By ▲ 0.05 (0.52%)
GGL 13.65 Decreased By ▼ -0.32 (-2.29%)
HBL 121.09 Increased By ▲ 3.14 (2.66%)
HUBC 122.34 Decreased By ▼ -1.46 (-1.18%)
HUMNL 7.98 Increased By ▲ 0.03 (0.38%)
KEL 3.97 Increased By ▲ 0.46 (13.11%)
LOTCHEM 28.05 Decreased By ▼ -0.50 (-1.75%)
MLCF 42.12 Increased By ▲ 0.02 (0.05%)
OGDC 121.85 Increased By ▲ 0.84 (0.69%)
PAEL 20.12 Increased By ▲ 1.28 (6.79%)
PIBTL 5.83 Increased By ▲ 0.13 (2.28%)
PIOC 116.39 Increased By ▲ 2.68 (2.36%)
PPL 110.71 Increased By ▲ 2.36 (2.18%)
PRL 29.58 Increased By ▲ 1.76 (6.33%)
SILK 1.09 Increased By ▲ 0.02 (1.87%)
SNGP 68.95 Decreased By ▼ -0.45 (-0.65%)
SSGC 13.77 Increased By ▲ 0.52 (3.92%)
TELE 8.79 No Change ▼ 0.00 (0%)
TPLP 14.67 Increased By ▲ 1.02 (7.47%)
TRG 90.65 Decreased By ▼ -1.29 (-1.4%)
UNITY 27.25 Increased By ▲ 0.59 (2.21%)
WTL 1.62 Increased By ▲ 0.05 (3.18%)
BR100 6,648 Increased By 104.2 (1.59%)
BR30 23,568 Increased By 358.1 (1.54%)
KSE100 64,718 Increased By 800.4 (1.25%)
KSE30 21,594 Increased By 242.4 (1.14%)

LONDON: Copper prices lost most of their gains on Tuesday as the dollar strengthened after Federal Reserve officials warned that interest rates would have to remain firm for longer despite US data showing consumer inflation was easing.

Three-month copper on the London Metal Exchange (LME) was up 0.2% at $9,059 a tonne by 1700 GMT after rising as much as 1.3% in earlier trade.

US consumer prices data for January showed the smallest annual increase since late 2021, raising hopes of less aggressive interest rate hikes by the Fed, initially spurring a weaker dollar and a rally in metals.

Fed officials, however, warned that the central bank needs to prioritise quashing inflation over risks to growth and that rates may need to go higher than widely expected.

That helped to strengthen the dollar, making commodities priced in the US currency more expensive for buyers using other currencies.

Copper surged last month to a seven-month peak of $9,550.50 a tonne, largely on bets that the lifting of China’s strict COVID-19 controls would boost metals consumption.

LME aluminium dipped 0.1% to $2,410 a tonne after LME data showed more inflows into LME-approved warehouses, with inventories having shot up by 54% in about a week.

LME nickel shed 0.8% to $26,425 a tonne, zinc dipped 0.2% to $3,093 and tin retreated by 3.2% to $26,650, but lead added 0.1% to $2,099.

Comments

Comments are closed.

Copper pares gains as dollar firms after Fed comments

Israel-Gaza conflict to ‘severely depress’ Palestinian economy: IMF

Illegal foreigners impact Pakistan’s security, economy: COAS

Pakistan’s future is ‘very bright’: IMF officials laud improvement in economic situation

Inter-bank: rupee secures marginal gain against US dollar

Open market: rupee unchanged against US dollar

Pakistan’s central bank reserves decrease $237mn, now stand at $7.02bn

Bulls dominate as KSE-100 hits new peak above 64,700

Al-Azizia case: IHC says will hear Nawaz’s appeal on merit

Denmark passes bill to stop Holy Quran burnings

Franchises announce retentions for PSL 2024