AIRLINK 193.00 Increased By ▲ 1.16 (0.6%)
BOP 9.92 Increased By ▲ 0.05 (0.51%)
CNERGY 7.66 Decreased By ▼ -0.01 (-0.13%)
FCCL 37.81 Decreased By ▼ -0.05 (-0.13%)
FFL 15.81 Increased By ▲ 0.05 (0.32%)
FLYNG 25.72 Increased By ▲ 0.41 (1.62%)
HUBC 130.50 Increased By ▲ 0.33 (0.25%)
HUMNL 13.86 Increased By ▲ 0.27 (1.99%)
KEL 4.71 Increased By ▲ 0.04 (0.86%)
KOSM 6.19 Decreased By ▼ -0.02 (-0.32%)
MLCF 44.53 Increased By ▲ 0.24 (0.54%)
OGDC 208.60 Increased By ▲ 1.73 (0.84%)
PACE 6.59 Increased By ▲ 0.03 (0.46%)
PAEL 40.80 Increased By ▲ 0.25 (0.62%)
PIAHCLA 17.70 Increased By ▲ 0.11 (0.63%)
PIBTL 8.04 Decreased By ▼ -0.03 (-0.37%)
POWER 9.10 Decreased By ▼ -0.14 (-1.52%)
PPL 179.50 Increased By ▲ 0.94 (0.53%)
PRL 39.44 Increased By ▲ 0.36 (0.92%)
PTC 24.35 Increased By ▲ 0.21 (0.87%)
SEARL 108.19 Increased By ▲ 0.34 (0.32%)
SILK 0.99 Increased By ▲ 0.02 (2.06%)
SSGC 39.33 Increased By ▲ 0.22 (0.56%)
SYM 19.26 Increased By ▲ 0.14 (0.73%)
TELE 8.72 Increased By ▲ 0.12 (1.4%)
TPLP 12.47 Increased By ▲ 0.10 (0.81%)
TRG 66.06 Increased By ▲ 0.05 (0.08%)
WAVESAPP 12.45 Decreased By ▼ -0.33 (-2.58%)
WTL 1.69 Decreased By ▼ -0.01 (-0.59%)
YOUW 3.93 Decreased By ▼ -0.02 (-0.51%)
BR100 11,972 Increased By 41.4 (0.35%)
BR30 35,780 Increased By 120.7 (0.34%)
KSE100 113,785 Increased By 578.6 (0.51%)
KSE30 35,808 Increased By 242.9 (0.68%)

BANGALORE: London copper prices were little changed on Thursday after rebounding from 5-1/2-month lows in the previous session, as concerns about demand from top consumer China overshadowed optimism about a deal to extend the US debt ceiling.

Three-month copper on the London Metal Exchange was steady at $8,308 by 0253 GMT, after dropping to its lowest since Nov. 30 at $8,088.50 a tonne on Wednesday.

The most-traded copper contract on the Shanghai Futures Exchange climbed 2.3% to 65,800 yuan ($9,519.54) a tonne.

US President Joe Biden and top US congressional Republican Kevin McCarthy on Wednesday expressed optimism over reaching a deal to raise the federal government’s $31.4 trillion debt ceiling.

Biden will continue talks with congressional leaders on the nation’s debt limit later this week, aiming to avoid a default that if breached could push the US economy into a recession.

Copper hits 5-1/2-month low as slowing China recovery weighs

In top metals consumer China, industrial output and retail sales grew slower than expected last month, reinforcing concerns of a spillover into the wider global economy and a drop in demand for industrial metals.

Copper prices are down nearly 15% from a seven-month high of $9,550.50 a tonne hit in January.

The global copper concentrate market will see a steep deficit during 2025-2027 as Asian smelters ramped up capacity amid a lack of matching mining projects in the pipeline, analysts have said.

Meanwhile, lawmakers in top producer Chile’s lower house of Congress gave final approval on Wednesday for a long-awaited mining tax reform, that would require large copper producers to pay more taxes and royalties to the government.

Among other metals, LME aluminium was flat at $2,297 a tonne and zinc rose 0.3% to $2,532 a tonne.

Comments

Comments are closed.