AIRLINK 74.00 Decreased By ▼ -0.25 (-0.34%)
BOP 5.14 Increased By ▲ 0.09 (1.78%)
CNERGY 4.55 Increased By ▲ 0.13 (2.94%)
DFML 37.15 Increased By ▲ 1.31 (3.66%)
DGKC 89.90 Increased By ▲ 1.90 (2.16%)
FCCL 22.40 Increased By ▲ 0.20 (0.9%)
FFBL 33.03 Increased By ▲ 0.31 (0.95%)
FFL 9.75 Decreased By ▼ -0.04 (-0.41%)
GGL 10.75 Decreased By ▼ -0.05 (-0.46%)
HBL 115.50 Decreased By ▼ -0.40 (-0.35%)
HUBC 137.10 Increased By ▲ 1.26 (0.93%)
HUMNL 9.95 Increased By ▲ 0.11 (1.12%)
KEL 4.60 Decreased By ▼ -0.01 (-0.22%)
KOSM 4.83 Increased By ▲ 0.17 (3.65%)
MLCF 39.75 Decreased By ▼ -0.13 (-0.33%)
OGDC 138.20 Increased By ▲ 0.30 (0.22%)
PAEL 27.00 Increased By ▲ 0.57 (2.16%)
PIAA 24.24 Decreased By ▼ -2.04 (-7.76%)
PIBTL 6.74 Decreased By ▼ -0.02 (-0.3%)
PPL 123.62 Increased By ▲ 0.72 (0.59%)
PRL 27.40 Increased By ▲ 0.71 (2.66%)
PTC 13.90 Decreased By ▼ -0.10 (-0.71%)
SEARL 61.75 Increased By ▲ 3.05 (5.2%)
SNGP 70.15 Decreased By ▼ -0.25 (-0.36%)
SSGC 10.52 Increased By ▲ 0.16 (1.54%)
TELE 8.57 Increased By ▲ 0.01 (0.12%)
TPLP 11.10 Decreased By ▼ -0.28 (-2.46%)
TRG 64.02 Decreased By ▼ -0.21 (-0.33%)
UNITY 26.76 Increased By ▲ 0.71 (2.73%)
WTL 1.38 No Change ▼ 0.00 (0%)
BR100 7,874 Increased By 36.2 (0.46%)
BR30 25,596 Increased By 136 (0.53%)
KSE100 75,342 Increased By 411.7 (0.55%)
KSE30 24,214 Increased By 68.6 (0.28%)

Copper prices in London fell to a 11-week low on Thursday, as a firm dollar made greenback-priced metals more expensive to holders of other currencies.

Three-month copper on the London Metal Exchange (LME) fell 0.3% to $8,143 per metric ton by 0553 GMT. The contract hit $8,120 earlier in the session, its lowest since June 1.

The most-traded September copper contract on the Shanghai Futures Exchange fell 0.2% to 67,710 yuan ($9,253.92) a ton.

The dollar index touched a two-month high as a resilient US economy underscored the need for higher-for-longer interest rates. Property debt issues and weak data from China, the world’s second-biggest economy and biggest consumer of metals, have also been pressuring prices of copper, often used as a gauge of the global economic health.

But cushioning prices were China’s central bank injecting more liquidity into the market to support financial assets, and major state-owned banks selling dollars to buy yuan.

“The government is trying to support CNH (offshore yuan) from weakening too much too fast,” said a metals trader.

Copper hovers above seven-week low, zinc slumps

LME aluminium fell 0.5% to $2,132.50 per ton, nickel was almost flat at $19,810, zinc dipped 0.5% to $2,272.50, lead stayed almost unchanged at $2,121 while tin fell 0.9% to $24,850.

SHFE aluminium dipped 0.1% to 18,450 yuan a ton, nickel rose 0.5% to 163,460 yuan, zinc eased 1.2% to 19,860 yuan, lead advanced 0.1% to 16,040 yuan, and tin shed 1.1% to 209,700 yuan.

LME cash zinc flipped to a discount of $4.25 a ton over the three-month contract on Wednesday, after remaining in a premium zone since Aug. 3, indicating easing supply tightness.

Zinc inventories in LME-registered warehouses have surged to a 17-month high, highlighting a market surplus amid weak demand.

Comments

Comments are closed.