AGL 39.76 Decreased By ▼ -0.24 (-0.6%)
AIRLINK 129.33 Increased By ▲ 0.27 (0.21%)
BOP 6.80 Increased By ▲ 0.05 (0.74%)
CNERGY 4.73 Increased By ▲ 0.24 (5.35%)
DCL 8.43 Decreased By ▼ -0.12 (-1.4%)
DFML 41.48 Increased By ▲ 0.66 (1.62%)
DGKC 81.42 Increased By ▲ 0.46 (0.57%)
FCCL 32.75 Decreased By ▼ -0.02 (-0.06%)
FFBL 74.44 Increased By ▲ 0.01 (0.01%)
FFL 11.94 Increased By ▲ 0.20 (1.7%)
HUBC 109.99 Increased By ▲ 0.41 (0.37%)
HUMNL 14.26 Increased By ▲ 0.51 (3.71%)
KEL 5.27 Decreased By ▼ -0.04 (-0.75%)
KOSM 7.68 Decreased By ▼ -0.04 (-0.52%)
MLCF 38.65 Increased By ▲ 0.05 (0.13%)
NBP 65.51 Increased By ▲ 2.00 (3.15%)
OGDC 193.74 Decreased By ▼ -0.95 (-0.49%)
PAEL 25.78 Increased By ▲ 0.07 (0.27%)
PIBTL 7.36 Decreased By ▼ -0.03 (-0.41%)
PPL 154.10 Decreased By ▼ -1.35 (-0.87%)
PRL 25.57 Decreased By ▼ -0.22 (-0.85%)
PTC 17.59 Increased By ▲ 0.09 (0.51%)
SEARL 79.86 Increased By ▲ 1.21 (1.54%)
TELE 7.76 Decreased By ▼ -0.10 (-1.27%)
TOMCL 33.70 Decreased By ▼ -0.03 (-0.09%)
TPLP 8.45 Increased By ▲ 0.05 (0.6%)
TREET 16.55 Increased By ▲ 0.28 (1.72%)
TRG 57.00 Decreased By ▼ -1.22 (-2.1%)
UNITY 27.60 Increased By ▲ 0.11 (0.4%)
WTL 1.39 No Change ▼ 0.00 (0%)
BR100 10,604 Increased By 159.3 (1.52%)
BR30 31,210 Increased By 20.7 (0.07%)
KSE100 99,165 Increased By 1366.4 (1.4%)
KSE30 31,013 Increased By 532.1 (1.75%)

US copper futures closed sharply higher on Friday, touching a two-week peak, as optimism seeped back into global markets on hopes a potential US debt rescue plan will contain fallout from the credit crisis. Copper for December delivery settled up 11.05 cents, or 3.6 percent, at $3.1765 a lb on the New York Mercantile Exchange's COMEX division.
The session range spanned $3.0330 to $3.2375, the contract's loftiest level since September 5. Spot September climbed 8.95 to finish at $3.1850. COMEX estimated futures volume at 15,171 lots by 1 pm EDT (1700 GMT). Final volumes on Thursday reached 17,227 lots. Open interest fell 497 lots to 75,445 open contracts as of September 18.
Industrial metal copper, typically viewed as a barometer for the global economy, jumps after a comprehensive US government plan to help stabilise battered financial markets boosts sentiment. US Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke planned to work through the weekend with Congress on a plan to deal with toxic bank assets choking the financial system.
The government intervention plan seen freeing up lending between banks, which in turn should benefit the housing and manufacturing sectors - two main outlets for copper usage - Matthew Zeman, head of trading with LaSalle Futures Group in Chicago. Dollar-denominated copper additionally supported by slightly weaker tone in the American currency. In afternoon trade in New York, the euro was trading up 0.6 percent at $1.4409 against the dollar, after earlier dipping to $1.4150.
Fundamentally, rising inventory levels on all three global exchanges and still-uncertain demand prospects in China, the world's leading metals consumer, seen limiting the red metal's upside potential - analysts. London Metal Exchange inventories surged 5,650 tonnes to a 19-month high of 209,800 tonnes on Friday.
COMEX copper stocks tacked on another 410 short tons, bringing total inventories to 8,696 short tons as of Thursday. Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 26 percent to 17,072 tonnes in the week ended Thursday, compared with 13,554 tonnes the previous week.
Easier monetary policy in China, coupled with the end of the summer slowdown and end of the government-imposed manufacturing slowdown ahead and during the Olympics, could spark a revival of pent-up Chinese demand - BaseMetals.com analyst, William Adams. London copper for delivery in three months settled at $7,060 a tonne, up $311 from Thursday's kerb close.

Copyright Reuters, 2008

Comments

Comments are closed.