BAFL 45.66 Increased By ▲ 0.56 (1.24%)
BIPL 20.08 Decreased By ▼ -0.17 (-0.84%)
BOP 5.34 Decreased By ▼ -0.06 (-1.11%)
CNERGY 4.54 Increased By ▲ 0.01 (0.22%)
DFML 16.01 Increased By ▲ 0.33 (2.1%)
DGKC 78.62 Increased By ▲ 5.74 (7.88%)
FABL 27.80 Increased By ▲ 0.65 (2.39%)
FCCL 18.86 Increased By ▲ 1.21 (6.86%)
FFL 8.96 Decreased By ▼ -0.13 (-1.43%)
GGL 12.85 Increased By ▲ 0.21 (1.66%)
HBL 111.54 Increased By ▲ 0.88 (0.8%)
HUBC 122.23 Increased By ▲ 0.71 (0.58%)
HUMNL 7.69 Increased By ▲ 0.34 (4.63%)
KEL 3.29 Increased By ▲ 0.06 (1.86%)
LOTCHEM 27.80 Increased By ▲ 0.48 (1.76%)
MLCF 42.36 Increased By ▲ 3.03 (7.7%)
OGDC 110.37 Increased By ▲ 2.37 (2.19%)
PAEL 18.97 Increased By ▲ 1.41 (8.03%)
PIBTL 5.46 No Change ▼ 0.00 (0%)
PIOC 114.91 Increased By ▲ 6.91 (6.4%)
PPL 94.72 Increased By ▲ 2.97 (3.24%)
PRL 25.32 Increased By ▲ 0.44 (1.77%)
SILK 1.10 Increased By ▲ 0.02 (1.85%)
SNGP 64.32 Increased By ▲ 1.22 (1.93%)
SSGC 12.26 Increased By ▲ 0.37 (3.11%)
TELE 8.36 Increased By ▲ 0.17 (2.08%)
TPLP 13.35 Increased By ▲ 0.24 (1.83%)
TRG 83.84 Increased By ▲ 2.23 (2.73%)
UNITY 25.89 Increased By ▲ 0.14 (0.54%)
WTL 1.54 Increased By ▲ 0.02 (1.32%)
BR100 6,308 Increased By 126.6 (2.05%)
BR30 21,973 Increased By 434.1 (2.02%)
KSE100 61,691 Increased By 1160 (1.92%)
KSE30 20,555 Increased By 366.1 (1.81%)

LONDON: Copper prices bounced on Thursday from the lowest levels in five weeks as the dollar weakened and investors looked ahead to an expected revival in demand in top metals consumer China.

Three-month copper on the London Metal Exchange rose 1% to $8,947.50 a tonne by 1110 GMT after sinking 1% on Wednesday and touching the weakest since Jan. 10.

The dismantling of strict COVID-19 controls in China sent copper surging last month to a seven-month peak, while investors took heart on Thursday from data showing China’s new home prices rose in January for the first time in a year.

The property sector accounts for significant metals demand.

“There’s high-level data showing that things are beginning to stir in China, but when it comes to infrastructure and construction, it will take a bit more time,” said independent consultant Robin Bhar.

“There’s good dip buying around to support the underside. People are taking the opportunity to build longs, whether tactically as we go into Q2 or strategically because of the green energy transition.”

Also supporting metals was a weaker dollar index as investors scooped up higher-risk currencies, making commodities priced in the U.S. currency less expensive for buyers using other currencies.

Copper gains on supply disruptions, Fed rate-hike concerns weigh

The most-traded March copper contract on the Shanghai Futures Exchange fell 0.5% to 68,510 yuan ($9,989.36) a tonne.

“The demand is bad but the outlook is good. People are just hoping for a recovery in March,” said a metals trader, expecting prices to continue to trade sideways until March.

In other metals, LME aluminium dipped 0.1% to $2,383 a tonne, zinc shed 0.2% to $3,012.50, lead eased 0.2% to $2,048, while nickel was little changed at $26,140 and tin added 0.1% to $26,685.

Comments

Comments are closed.