AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.00 Decreased By ▼ -0.53 (-0.41%)
BOP 6.76 Increased By ▲ 0.08 (1.2%)
CNERGY 4.50 Decreased By ▼ -0.13 (-2.81%)
DCL 8.70 Decreased By ▼ -0.24 (-2.68%)
DFML 41.00 Decreased By ▼ -0.69 (-1.66%)
DGKC 81.30 Decreased By ▼ -2.47 (-2.95%)
FCCL 32.68 Decreased By ▼ -0.09 (-0.27%)
FFBL 74.25 Decreased By ▼ -1.22 (-1.62%)
FFL 11.75 Increased By ▲ 0.28 (2.44%)
HUBC 110.03 Decreased By ▼ -0.52 (-0.47%)
HUMNL 13.80 Decreased By ▼ -0.76 (-5.22%)
KEL 5.29 Decreased By ▼ -0.10 (-1.86%)
KOSM 7.63 Decreased By ▼ -0.77 (-9.17%)
MLCF 38.35 Decreased By ▼ -1.44 (-3.62%)
NBP 63.70 Increased By ▲ 3.41 (5.66%)
OGDC 194.88 Decreased By ▼ -4.78 (-2.39%)
PAEL 25.75 Decreased By ▼ -0.90 (-3.38%)
PIBTL 7.37 Decreased By ▼ -0.29 (-3.79%)
PPL 155.74 Decreased By ▼ -2.18 (-1.38%)
PRL 25.70 Decreased By ▼ -1.03 (-3.85%)
PTC 17.56 Decreased By ▼ -0.90 (-4.88%)
SEARL 78.71 Decreased By ▼ -3.73 (-4.52%)
TELE 7.88 Decreased By ▼ -0.43 (-5.17%)
TOMCL 33.61 Decreased By ▼ -0.90 (-2.61%)
TPLP 8.41 Decreased By ▼ -0.65 (-7.17%)
TREET 16.26 Decreased By ▼ -1.21 (-6.93%)
TRG 58.60 Decreased By ▼ -2.72 (-4.44%)
UNITY 27.51 Increased By ▲ 0.08 (0.29%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,450 Increased By 43.4 (0.42%)
BR30 31,209 Decreased By -504.2 (-1.59%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

LONDON: Copper prices rose on Wednesday as a lower dollar and expectations of further stimulus to boost economic growth in top consumer China boosted sentiment.

Benchmark copper on the London Metal Exchange (LME) was up 0.2% at $8,477 a tonne by 1127 GMT after touching a low of $8,384. Prices of the metal used in power and construction hit a five-week high of $8,515.50 on Tuesday.

“People are expecting to see China do more for growth. Whether that helps metals will depend on what sort of stimulus,” one metals trader said. “But it’s pretty quiet, people are waiting to see what the Fed does and says on interest rates.”

China’s central bank is widely expected to cut the borrowing cost of medium-term policy loans for the first time in 10 months on Thursday, a Reuters poll showed.

It cut its seven-day reverse repo rate and standing lending facility (SLF) rate by 10 basis points on Tuesday, signalling possible easing for longer-term rates to revive demand and restore investor confidence.

The dollar fell after unexpectedly soft U.S. inflation data cemented the view that the Federal Reserve will not raise interest rates later on Wednesday, making dollar-priced metals cheaper for holders of other currencies.

Copper edges higher as China’s rate decision lifts appetite

Other base metals were also supported by the weaker dollar.

Aluminium was up 0.6% at $2,245, lead gained 1.4% to $2,110, tin added 0.4% to $26,180 and nickel rose 0.9% to $22,160 a tonne.

Zinc was up 2.9% at $2,451 a tonne, having hit a 2-1/2 week high of $2,458 after Swedish miner Boliden said it will suspend production at Europe’s largest zinc mine - in Ireland - within the next month owing to “unsustainable financial losses”.

Traders said some concerns over supplies on the LME market are why the discount for cash zinc over the three-month contract flipped into a premium on Tuesday.

The premium was at $2.75 a tonne on Wednesday.

Comments

Comments are closed.