AGL 40.21 Increased By ▲ 0.18 (0.45%)
AIRLINK 127.64 Decreased By ▼ -0.06 (-0.05%)
BOP 6.67 Increased By ▲ 0.06 (0.91%)
CNERGY 4.45 Decreased By ▼ -0.15 (-3.26%)
DCL 8.73 Decreased By ▼ -0.06 (-0.68%)
DFML 41.16 Decreased By ▼ -0.42 (-1.01%)
DGKC 86.11 Increased By ▲ 0.32 (0.37%)
FCCL 32.56 Increased By ▲ 0.07 (0.22%)
FFBL 64.38 Increased By ▲ 0.35 (0.55%)
FFL 11.61 Increased By ▲ 1.06 (10.05%)
HUBC 112.46 Increased By ▲ 1.69 (1.53%)
HUMNL 14.81 Decreased By ▼ -0.26 (-1.73%)
KEL 5.04 Increased By ▲ 0.16 (3.28%)
KOSM 7.36 Decreased By ▼ -0.09 (-1.21%)
MLCF 40.33 Decreased By ▼ -0.19 (-0.47%)
NBP 61.08 Increased By ▲ 0.03 (0.05%)
OGDC 194.18 Decreased By ▼ -0.69 (-0.35%)
PAEL 26.91 Decreased By ▼ -0.60 (-2.18%)
PIBTL 7.28 Decreased By ▼ -0.53 (-6.79%)
PPL 152.68 Increased By ▲ 0.15 (0.1%)
PRL 26.22 Decreased By ▼ -0.36 (-1.35%)
PTC 16.14 Decreased By ▼ -0.12 (-0.74%)
SEARL 85.70 Increased By ▲ 1.56 (1.85%)
TELE 7.67 Decreased By ▼ -0.29 (-3.64%)
TOMCL 36.47 Decreased By ▼ -0.13 (-0.36%)
TPLP 8.79 Increased By ▲ 0.13 (1.5%)
TREET 16.84 Decreased By ▼ -0.82 (-4.64%)
TRG 62.74 Increased By ▲ 4.12 (7.03%)
UNITY 28.20 Increased By ▲ 1.34 (4.99%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 10,086 Increased By 85.5 (0.85%)
BR30 31,170 Increased By 168.1 (0.54%)
KSE100 94,764 Increased By 571.8 (0.61%)
KSE30 29,410 Increased By 209 (0.72%)

London copper prices rose on Tuesday after hitting a two-week low in the previous session, as the dollar eased, although demand concerns due to rising COVID-19 cases in top consumer China kept gains in check.

Three-month copper on the London Metal Exchange was up 1% at $7,962.50 a tonne, as of 0215 GMT.

The most-traded December copper contract on the Shanghai Futures Exchange fell 0.6% to 64,720 yuan ($9,048.84) a tonne, its lowest since Nov. 4.

China’s capital warned on Monday that it was facing its most severe test of the COVID-19 pandemic, with a surge in COVID-19 cases sparking fresh restriction measures. Deaths from the virus were also recorded in Beijing for the first time since late May.

Shares in the Asia Pacific fell in early trading on Tuesday, as the situation in China deepened concerns over supply chain disruption.

New China COVID curbs push copper to two-week low

The dollar index fell 0.2% against its rivals. A weaker dollar makes the greenback-priced metal less expensive for buyers holding other currencies.

Climbing inventories due to slowing demand and mounting mine supply are set to hit copper prices over coming months, with the move exaggerated by speculators cutting bets on higher prices of the metal used in power and construction.

Copper stocks in LME registered warehouses at 91,250 tonnes are up more than 15% since Nov. 10.

Expectations around smaller rate hikes from the U.S. Federal Reserve also buoyed sentiment among investors, with Cleveland Fed President Loretta Mester supporting smaller rate increases in December.

LME aluminium rose 0.4% to $2,388 a tonne, lead gained 0.9% to $2,120 a tonne, tin climbed 1.1% to $21,395 a tonne and zinc was up 0.6% to $2,924 a tonne.

SHFE nickel rose 0.7% to 199,330 yuan a tonne, lead eased 0.1% to 15,725 yuan a tonne, tin fell 1.1% to 178,730 yuan a tonne, zinc dipped 2.4% to 23,750 yuan a tonne and aluminium lost 0.3% to 18,945 yuan a tonne.

Comments

Comments are closed.