AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Shanghai copper was little changed on Wednesday, paring gains as London futures dropped almost 1 percent, but dealers said calm was returning to the anxious market after heavy losses at the start of the week. The June copper contract the most active on the Shanghai Futures Exchange, rose 130-yuan to 65,210 yuan a tonne. Prices touched 65,670 yuan.
On Tuesday, all three base metals traded on the Shanghai Futures Exchange dropped by their 4 percent daily limits. "The panic in financial markets is easing. These are good prices for consumers," a dealer in Shanghai said. "But I can't see a return to 70,000 yuan in the near term. The range should be 64,000 yuan to just above 66,000 yuan."
Spot copper prices in Shanghai edged up 100 yuan to between 65,850 and 66,100 yuan. Beijing increased banks' reserve requirement ratios by 0.5 percentage points, the first tightening step since last week's 11-year high inflation numbers.
But it was below market expectations and easier to bear than a hike in interest rates," dealers said. Copper for delivery in three months on the London Metal Exchange fell $70 to $8,140 a tonne. "The volatilty in the market doesn't give us much to work with. London sells and the US come in and buy, telling us there is nothing to worry about," Jonathan Barratt of Commodity Broking Services said.
"I think $8,000 is a big level. The market has rallied off that support but a close below that could signal that all is not well in world of physical demand." The Federal Reserve cut US interest rates by 75 basis points on Tuesday, slightly below market expectations. But the reduction cheered equity markets, which surged strongly.

Copyright Reuters, 2008

Comments

Comments are closed.