AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

LONDON: Copper prices extended losses on Friday, pressured by continued disquiet about the impact of higher interest rates on economic growth and metals demand ahead of key U.S. jobs data.

Three-month copper on the London Metal Exchange slipped 0.9% to $8,776 a tonne by 1115 GMT after losing 0.7% on Thursday. It has shed about 2% this week.

“Higher rates expectations are consistent with a more downbeat and cloudy view of metals demand, so it’s no surprise that prices have come down,” said Edward Gardner, commodities economist at Capital Economics.

U.S. Federal Reserve Chair Jerome Powell said this week the central bank may need to hike interest rates higher than expected, fuelling worries among investors it may end up moving too aggressively.

Powell said the Fed would look closely at jobs data due at 1330 GMT on Friday. Economists have forecast they have increased by 205,000 last month, less than half of the huge 517,000 added in January.

Uncertainty over demand in top metals consumer China after its recent party congress also weighed on prices.

Copper drifts lower on concern over China demand and U.S. rates

“We saw out of that continued policy support for the property sector, but overall it disappointed some expectations of greater support from the government with the absence of a major stimulus package,” Gardner said.

More healthy supply also pressured the market.

China, the world’s top copper refined producer, smelted 907,800 tonnes of copper in February, up 6.5% on-year and slightly higher than the expected 900,000 tonnes, according to Shanghai Metals Market, which anticipated March output to reach 949,500 tonnes.

Demand in China, however, was gradually picking up, reflected by a decline in stocks, participants said.

Copper stocks in SHFE warehouses ticked down for a second consecutive week to 214,972 tonnes on Friday, 10.8% less compared with last Friday.

LME aluminium shed 1.3% to a two-month low of $2,299 a tonne, while zinc dropped 1.2% to $2,938.50 after touching the weakest since Nov. 28.

Nickel eased 1.2% to $22,980, lead dipped 0.5% to $2,074.50 and tin slumped 4.1% to $22,400.

Comments

Comments are closed.