AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

LONDON: Copper jumped on Wednesday as expectations of improving growth and robust demand boosted sentiment and triggered a buying spree which pushed prices through key resistance levels, creating further upside momentum.

Benchmark copper on the London Metal Exchange was up 2.3% at $6,677 a tonne at 1551 GMT.

Traders said a break above the 50-day moving average, currently around $6,580, had sparked short position covering, which pushed copper to a session high at $6,710.

Prices of the metal used widely in the power and construction industries are up about 50% since the middle of March when economic activity stalled due to Covid-19 lockdowns.

“We are optimistic the global economy will recover over the coming year - that should benefit metals, which are in a better place than energy,” said Danske Bank analyst Jens Pederson.

“Asia and China are doing well, which is important for metals. The direction is up, but it won’t be a straight line.”

China’s factory activity extended solid growth in September as the nation’s crucial exports engine revved up on improving overseas demand. China accounts for about half of global consumption of industrial metals.

President Donald Trump ending negotiations with congressional Democrats over stimulus proposals weighed on industrial metals earlier in the session.

Stocks of aluminium in LME-approved warehouses have fallen nearly 15% since the middle of July to 1.423 million tonnes.

Cancelled warrants, or metal earmarked for delivery, at 21% suggest more aluminium is due to leave LME warehouses over the coming days.

Shrinking supplies on the LME market are behind the narrowing discount - currently down to $24 from nearly $40 two weeks ago - for the cash over the three-month aluminium contract. Three-month aluminium rose 0.9% to $1,781.

Zinc rose 0.3% to $2,371 a tonne, lead climbed 0.8% to $1,796, tin slipped 0.4% to $18,115 and nickel added 0.9% to $14,655.

Comments

Comments are closed.