AIRLINK 172.89 Decreased By ▼ -2.84 (-1.62%)
BOP 13.25 Increased By ▲ 0.13 (0.99%)
CNERGY 7.39 Decreased By ▼ -0.15 (-1.99%)
FCCL 43.48 Decreased By ▼ -0.43 (-0.98%)
FFL 14.88 Decreased By ▼ -0.13 (-0.87%)
FLYNG 26.46 Decreased By ▼ -0.44 (-1.64%)
HUBC 129.65 Decreased By ▼ -0.58 (-0.45%)
HUMNL 13.22 Decreased By ▼ -0.12 (-0.9%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 6.04 Decreased By ▼ -0.02 (-0.33%)
MLCF 55.30 Decreased By ▼ -0.73 (-1.3%)
OGDC 211.25 Decreased By ▼ -3.52 (-1.64%)
PACE 5.91 Decreased By ▼ -0.07 (-1.17%)
PAEL 41.01 Increased By ▲ 0.11 (0.27%)
PIAHCLA 16.20 Decreased By ▼ -0.12 (-0.74%)
PIBTL 9.57 Decreased By ▼ -0.18 (-1.85%)
POWER 11.52 Decreased By ▼ -0.24 (-2.04%)
PPL 177.80 Decreased By ▼ -3.68 (-2.03%)
PRL 33.38 Decreased By ▼ -0.84 (-2.45%)
PTC 22.76 Decreased By ▼ -0.30 (-1.3%)
SEARL 94.20 Decreased By ▼ -1.52 (-1.59%)
SILK 1.18 Increased By ▲ 0.04 (3.51%)
SSGC 34.86 Decreased By ▼ -0.59 (-1.66%)
SYM 15.85 Increased By ▲ 0.10 (0.63%)
TELE 7.79 Decreased By ▼ -0.08 (-1.02%)
TPLP 10.85 Decreased By ▼ -0.13 (-1.18%)
TRG 60.68 Increased By ▲ 0.18 (0.3%)
WAVESAPP 10.72 Decreased By ▼ -0.09 (-0.83%)
WTL 1.32 Decreased By ▼ -0.03 (-2.22%)
YOUW 3.76 Decreased By ▼ -0.01 (-0.27%)
BR100 12,027 Decreased By -27.1 (-0.22%)
BR30 36,259 Decreased By -208.1 (-0.57%)
KSE100 113,632 Decreased By -724.2 (-0.63%)
KSE30 35,014 Decreased By -333.6 (-0.94%)

LONDON: Copper prices fell in London on Monday as the dollar held on to last week’s gains and the market awaited Chinese data expected to shine a light on demand prospects in the world’s biggest metals consumer.

Three-month copper on the London Metal Exchange (LME) was down 0.7% at $8,401.5 a metric ton in official open-outcry trading after touching its lowest since Dec. 13 at $8,377.50.

“The US dollar remains firm as market expectations for the next US rate cuts are shifting out to May rather than March,” said Nitesh Shah, head of commodities and macroeconomic research at WisdomTree. “Base metal prices are facing some downward pressure as a result. “Later this week we will get Chinese aggregate financing data, which will provide a clue on whether Chinese efforts to stimulate its economy - and by extension commodity demand - are working.”

China is due to release December credit lending, trade and inflation data this week. China’s yuan hit a more than three-week low against the dollar last week, making dollar-priced metals more expensive for Chinese buyers.

The US inflation report due this week could offer further clarity on the Federal Reserve’s monetary policy outlook. Meanwhile, LME aluminium shed 1% to $2,252 a ton in official activity after hitting its lowest since Dec. 21 at $2,241.50.

Aluminium stocks in the LME-registered warehouses are at their highest since June after 14,525 tons of arrivals, daily LME data showed. In other metals, zinc slid by 2.1% to $2,510 a ton, lead lost 0.8% to $2,060, tin was down 0.3% at $24,550 and nickel retreated by 1.1% to $16,195.

Monday marks the start of this year’s official five-day rebalancing window for holdings of funds that track commodity indexes, adding potential support to nickel and further pressure on aluminium.

The rebalancing, however, has been flagged months in advance, so the impact should be limited, said Ole Hansen, head of commodity strategy at Saxo Bank.

Comments

Comments are closed.