AGL 40.05 Increased By ▲ 0.05 (0.13%)
AIRLINK 130.39 Increased By ▲ 0.86 (0.66%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.46 Decreased By ▼ -0.17 (-3.67%)
DCL 8.70 Decreased By ▼ -0.24 (-2.68%)
DFML 40.85 Decreased By ▼ -0.84 (-2.01%)
DGKC 80.50 Decreased By ▼ -3.27 (-3.9%)
FCCL 32.78 Increased By ▲ 0.01 (0.03%)
FFBL 75.80 Increased By ▲ 0.33 (0.44%)
FFL 11.73 Increased By ▲ 0.26 (2.27%)
HUBC 109.50 Decreased By ▼ -1.05 (-0.95%)
HUMNL 14.02 Decreased By ▼ -0.54 (-3.71%)
KEL 5.38 Decreased By ▼ -0.01 (-0.19%)
KOSM 8.00 Decreased By ▼ -0.40 (-4.76%)
MLCF 38.80 Decreased By ▼ -0.99 (-2.49%)
NBP 63.50 Increased By ▲ 3.21 (5.32%)
OGDC 196.00 Decreased By ▼ -3.66 (-1.83%)
PAEL 25.85 Decreased By ▼ -0.80 (-3%)
PIBTL 7.45 Decreased By ▼ -0.21 (-2.74%)
PPL 156.00 Decreased By ▼ -1.92 (-1.22%)
PRL 25.80 Decreased By ▼ -0.93 (-3.48%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 79.45 Decreased By ▼ -2.99 (-3.63%)
TELE 7.87 Decreased By ▼ -0.44 (-5.29%)
TOMCL 33.70 Decreased By ▼ -0.81 (-2.35%)
TPLP 8.55 Decreased By ▼ -0.51 (-5.63%)
TREET 16.60 Decreased By ▼ -0.87 (-4.98%)
TRG 58.19 Decreased By ▼ -3.13 (-5.1%)
UNITY 27.70 Increased By ▲ 0.27 (0.98%)
WTL 1.40 Increased By ▲ 0.02 (1.45%)
BR100 10,514 Increased By 107.2 (1.03%)
BR30 31,413 Decreased By -300.1 (-0.95%)
KSE100 98,146 Increased By 817.2 (0.84%)
KSE30 30,559 Increased By 366.5 (1.21%)
Markets

China data and vaccine optimism lifts copper price

  • Benchmark three-month copper on the London Metal Exchange (LME) added 0.3pc to $7,777 per tonne by 1210 GMT.
Published December 15, 2020

Copper prices on Thursday were supported by factory data from China showing economic growth in the metal's top consumer and helped by the rollout in major economies of the COVID-19 vaccine.

Benchmark three-month copper on the London Metal Exchange (LME) added 0.3pc to $7,777 per tonne by 1210 GMT.

The metal, seen as a bellwether of global economic health, has gained over 80pc since March lows, mainly on the back of a rebound in the Chinese economy.

Data showed on Tuesday that China's factory output grew at the fastest pace in 20 months in November driven by revived consumer spending and a gradual easing of COVID-19 restrictions in major trading partners.

"The data, which was mostly in line with expectation, can be interpreted positively because it confirms that China is on track for solid growth and that they have already overcome what they lost from the pandemic," said Commerzbank analyst Daniel Briesemann.

China accounts for nearly half of global copper consumption estimated at 24 million tonnes.

LOCKDOWN RISK: Markets were supported by a vaccine roll-out in the United States and Britain but the risk of a resurgence in coronavirus cases has prompted some European countries to impose strict lockdowns.

POSITIONING: Bullish bets on copper by funds showed no signs of abating, with positioning on LME and COMEX at high levels, according to estimates by Marex Spectron and data from the U.S. Commodity Futures Trading Commission.

ALUMINIUM: China's primary aluminium production hit a daily record in November, as more smelting capacity came onstream to take advantage of strong demand and high prices for the metal.

OTHER METALS: LME aluminium slipped 0.3pc to $2,042 a tonne, zinc rose 0.4pc to $2,848, lead dropped 0.3pc to $2,034, tin dropped 0.4pc to $19,670, and nickel gained 0.6pc to $17,700.

Comments

Comments are closed.