AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 131.00 Increased By ▲ 1.47 (1.13%)
BOP 6.95 Increased By ▲ 0.27 (4.04%)
CNERGY 4.59 Decreased By ▼ -0.04 (-0.86%)
DCL 8.89 Decreased By ▼ -0.05 (-0.56%)
DFML 42.70 Increased By ▲ 1.01 (2.42%)
DGKC 84.50 Increased By ▲ 0.73 (0.87%)
FCCL 32.80 Increased By ▲ 0.03 (0.09%)
FFBL 78.50 Increased By ▲ 3.03 (4.01%)
FFL 12.19 Increased By ▲ 0.72 (6.28%)
HUBC 110.20 Decreased By ▼ -0.35 (-0.32%)
HUMNL 14.40 Decreased By ▼ -0.16 (-1.1%)
KEL 5.60 Increased By ▲ 0.21 (3.9%)
KOSM 8.46 Increased By ▲ 0.06 (0.71%)
MLCF 39.50 Decreased By ▼ -0.29 (-0.73%)
NBP 64.69 Increased By ▲ 4.40 (7.3%)
OGDC 201.00 Increased By ▲ 1.34 (0.67%)
PAEL 26.41 Decreased By ▼ -0.24 (-0.9%)
PIBTL 7.74 Increased By ▲ 0.08 (1.04%)
PPL 160.45 Increased By ▲ 2.53 (1.6%)
PRL 26.43 Decreased By ▼ -0.30 (-1.12%)
PTC 18.55 Increased By ▲ 0.09 (0.49%)
SEARL 82.61 Increased By ▲ 0.17 (0.21%)
TELE 8.16 Decreased By ▼ -0.15 (-1.81%)
TOMCL 34.37 Decreased By ▼ -0.14 (-0.41%)
TPLP 9.02 Decreased By ▼ -0.04 (-0.44%)
TREET 16.95 Decreased By ▼ -0.52 (-2.98%)
TRG 60.23 Decreased By ▼ -1.09 (-1.78%)
UNITY 27.70 Increased By ▲ 0.27 (0.98%)
WTL 1.42 Increased By ▲ 0.04 (2.9%)
BR100 10,694 Increased By 287.2 (2.76%)
BR30 32,068 Increased By 354.9 (1.12%)
KSE100 99,275 Increased By 1946.2 (2%)
KSE30 30,948 Increased By 755.9 (2.5%)
Markets

Copper ticks higher on bargain hunting, but more losses expected

  • Volumes were light as investors waited for results from a meeting this week on China's new five-year plan.
  • I think there is more downside for copper, and the biggest risk for metals right now is a stronger dollar due to uncertainty building on many fronts,
Published October 27, 2020

LONDON: Copper prices edged higher on Tuesday on light bargain-hunting after three sessions of declines, but more losses were expected as rising COVID-19 cases threatened the global economy.

Volumes were light as investors waited for results from a meeting this week on China's new five-year plan that is expected to be positive for metals demand.

Three-month copper on the London Metal Exchange was up 0.3% at $6,801.50 a tonne by 1030 GMT, after retreating in recent days from a surge above the $7,000 level last week to its highest in 28 months.

"I think there is more downside for copper, and the biggest risk for metals right now is a stronger dollar due to uncertainty building on many fronts," said Gianclaudio Torlizzi, partner at consultancy T-Commodity in Milan.

"But in the mid- to long-term, whether Trump or Biden is president, the outlook is positive for metals."

The most-traded December copper contract on the Shanghai Futures Exchange closed down 0.5% at 51,650 yuan ($7,705.62) a tonne.

"The biggest factor is macro uncertainty as well as rising COVID-19 cases, which also cast a shadow on the economic recovery," said a Singapore-based copper analyst.

"The US election could add to the risk aversion, while hopes on the stimulus bill (have) also faded."

The discount of cash LME nickel to the three-month contract fell to $32.50 a tonne, the weakest since early September, indicating less availability of metal in LME warehouses.

The net long speculative position in LME aluminium had dipped to 5.2% of open interest as of last Thursday compared to 6.6% on Oct. 19, which was the strongest since April 2018, broker Marex Spectron said in a note.

LME aluminium fell 0.3% to $1,823 a tonne, zinc rose 0.4% to $2,549, lead gained 0.9% to $1,796.50, and nickel was little changed at $15,655.

Tin rose 0.8% to $18,190, after hitting its lowest since Oct. 5 on Monday.

Comments

Comments are closed.