AGL 38.50 Decreased By ▼ -1.08 (-2.73%)
AIRLINK 127.65 Decreased By ▼ -3.57 (-2.72%)
BOP 6.93 Increased By ▲ 0.12 (1.76%)
CNERGY 4.52 Decreased By ▼ -0.19 (-4.03%)
DCL 8.19 Decreased By ▼ -0.25 (-2.96%)
DFML 38.50 Decreased By ▼ -2.97 (-7.16%)
DGKC 79.30 Decreased By ▼ -2.79 (-3.4%)
FCCL 31.80 Decreased By ▼ -1.30 (-3.93%)
FFBL 70.60 Decreased By ▼ -2.27 (-3.12%)
FFL 12.10 Decreased By ▼ -0.16 (-1.31%)
HUBC 107.26 Decreased By ▼ -3.48 (-3.14%)
HUMNL 13.85 Decreased By ▼ -0.66 (-4.55%)
KEL 4.88 Decreased By ▼ -0.31 (-5.97%)
KOSM 7.45 Decreased By ▼ -0.16 (-2.1%)
MLCF 37.40 Decreased By ▼ -1.50 (-3.86%)
NBP 67.71 Increased By ▲ 3.70 (5.78%)
OGDC 186.00 Decreased By ▼ -6.82 (-3.54%)
PAEL 24.75 Decreased By ▼ -0.93 (-3.62%)
PIBTL 7.25 Decreased By ▼ -0.09 (-1.23%)
PPL 147.50 Decreased By ▼ -6.57 (-4.26%)
PRL 24.68 Decreased By ▼ -1.15 (-4.45%)
PTC 16.90 Decreased By ▼ -0.91 (-5.11%)
SEARL 79.40 Decreased By ▼ -2.90 (-3.52%)
TELE 7.40 Decreased By ▼ -0.36 (-4.64%)
TOMCL 32.40 Decreased By ▼ -1.06 (-3.17%)
TPLP 8.20 Decreased By ▼ -0.29 (-3.42%)
TREET 16.50 Decreased By ▼ -0.12 (-0.72%)
TRG 55.75 Decreased By ▼ -1.65 (-2.87%)
UNITY 27.80 Increased By ▲ 0.29 (1.05%)
WTL 1.32 Decreased By ▼ -0.05 (-3.65%)
BR100 10,316 Decreased By -188.6 (-1.79%)
BR30 30,362 Decreased By -864.9 (-2.77%)
KSE100 96,638 Decreased By -1442 (-1.47%)
KSE30 30,091 Decreased By -467.6 (-1.53%)

Copper prices slid to one-week lows on Wednesday as investor confidence crumbled in the face of a deteriorating outlook for global economic growth and demand for the metal used in power and construction.
Copper for three-month delivery on the London Metal Exchange was last indicated at $6,990/7,000 a tonne, down 2.4 percent compared with Tuesday's close at $7,160. Earlier on Monday, it dipped to $6,950, the lowest since January 8.
Analysts said the 9 percent gain in prices between January 2 and Monday had been triggered by investment money, which is taking a more sombre assessment of demand prospects.
"The tide has certainly turned from last week," said Daniel Hynes, analyst at Merrill Lynch. "The focus is back on the macroeconomic environment. People are worried about the effect of the US slowdown on the rest of the world." In London, mining firms Antofagasta, Rio Tinto and Kazakhmys were among the 10 largest losers on the FTSE 100 index down over 5.8 percent.
BHP Billiton's take-over target, Rio Tinto, reported fourth-quarter refined copper production up 65 percent, but the shares slid and the UK mining index fell 5.71 percent on demand fears. Escalating worries about US economic growth have reinforced speculation of an imminent rate cut by the US Federal Reserve to shore up confidence and growth. "Financial market sentiment appears to have taken a dive over the past 24 hours," UBS said in a research note.
US consumer prices rose modestly in December while industrial production was flat, leaving the door open for the Federal Reserve to slash interest rates later this month to shore up an economy that may be on the verge of a recession.
The US Consumer Price Index, the most broadly used gauge of inflation, rose 0.3 percent in December and US industrial production was flat in December. There is even talk is of an aggressive 75 basis point cut before the Fed's regular meeting at the end of January. "If they do something like that, it would smack of panic and copper could dive in a knee-jerk reaction," an LME trader said.
Zinc fell to a two-month low of $2,235 a tonne as stocks in LME warehouses rose 1,950 tonnes to 99,200 tonnes, a gain of more than 10 percent since the end of December. It closed at $2,280 down from $2,290 on Tuesday. The global zinc market was in deficit by 35,000 tonnes in January to November 2007, the International Lead and Zinc Study Group (ILZSG) showed.
In lead, ILZSG said the global lead market was in deficit by 77,000 tonnes in January to November last year. Lead shed $55 to $2,600 per tonne and nickel slipped 1.8 percent to $27,900 from $28,400. The International Nickel Study Group (INSG) said the year-to-date balance for January to November 2007 was a 94,000 tonnes surplus compared with a deficit a year ago, according to a Barclays Capital report. Aluminium was down at $2,470 from $2,483, while tin gained 0.5 percent or $85 to $16,300.

Copyright Reuters, 2008

Comments

Comments are closed.