AIRLINK 81.10 Increased By ▲ 2.55 (3.25%)
BOP 4.82 Increased By ▲ 0.05 (1.05%)
CNERGY 4.09 Decreased By ▼ -0.07 (-1.68%)
DFML 37.98 Decreased By ▼ -1.31 (-3.33%)
DGKC 93.00 Decreased By ▼ -2.65 (-2.77%)
FCCL 23.84 Decreased By ▼ -0.32 (-1.32%)
FFBL 32.00 Decreased By ▼ -0.77 (-2.35%)
FFL 9.24 Decreased By ▼ -0.13 (-1.39%)
GGL 10.06 Decreased By ▼ -0.09 (-0.89%)
HASCOL 6.65 Increased By ▲ 0.11 (1.68%)
HBL 113.00 Increased By ▲ 3.50 (3.2%)
HUBC 145.70 Increased By ▲ 0.69 (0.48%)
HUMNL 10.54 Decreased By ▼ -0.19 (-1.77%)
KEL 4.62 Decreased By ▼ -0.11 (-2.33%)
KOSM 4.12 Decreased By ▼ -0.14 (-3.29%)
MLCF 38.25 Decreased By ▼ -1.15 (-2.92%)
OGDC 131.70 Increased By ▲ 2.45 (1.9%)
PAEL 24.89 Decreased By ▼ -0.98 (-3.79%)
PIBTL 6.25 Decreased By ▼ -0.09 (-1.42%)
PPL 120.00 Decreased By ▼ -2.70 (-2.2%)
PRL 23.90 Decreased By ▼ -0.45 (-1.85%)
PTC 12.10 Decreased By ▼ -0.89 (-6.85%)
SEARL 59.95 Decreased By ▼ -1.23 (-2.01%)
SNGP 65.50 Increased By ▲ 0.30 (0.46%)
SSGC 10.15 Increased By ▲ 0.26 (2.63%)
TELE 7.85 Decreased By ▼ -0.01 (-0.13%)
TPLP 9.87 Increased By ▲ 0.02 (0.2%)
TRG 64.45 Decreased By ▼ -0.05 (-0.08%)
UNITY 26.90 Decreased By ▼ -0.09 (-0.33%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
BR100 8,052 Increased By 75.9 (0.95%)
BR30 25,581 Decreased By -21.4 (-0.08%)
KSE100 76,707 Increased By 498.6 (0.65%)
KSE30 24,698 Increased By 260.2 (1.06%)

LONDON: Copper prices slipped on Wednesday as funds locked in profits from a rally to record highs that has curbed industrial consumers’ appetite to buy the metal.

Three-month copper on the London Metal Exchange (LME) was 2.7% lower at $10,615 a metric ton during official rings, the biggest daily percentage drop in one year. Corrections lower are likely to be short-lived with many funds planning to return to long or bullish positions after they have sold some of them to realise profits, a trader said.

“I would be surprised if funds run away without a fight,” the trader added. The LME copper price is still up 22% so far this year after a speculative frenzy propelled it to a historic high of $11,104.5 on Monday. The high prices have choked off physical demand in top consumer China, with copper fabricators cutting production.

“We understand that more than 500,000 tons of unsold copper wire rod inventory has accumulated at producers since March,” BNP Paribas’ David Wilson said in a note on Tuesday.

Copper is used for making electrical wires and cables due to its good conductivity. Copper inventory in warehouses monitored by the Shanghai Futures Exchange (SHFE) remained close to 300,000 tons, with seasonal withdrawals slower than usual.

China’s April refined copper output rose, easing concerns over major smelters’ plans to cut production announced in March. Chinese copper sellers are paying their buyers to get rid of stocks, as the domestic premium turned negative, according to the Shanghai Metals Market. The most-traded June copper contract on SHFE fell 1.1% to 86,220 yuan ($11,910.65) a ton.

Comments

Comments are closed.