AGL 37.47 Increased By ▲ 0.22 (0.59%)
AIRLINK 123.40 Decreased By ▼ -0.62 (-0.5%)
BOP 5.85 Increased By ▲ 0.23 (4.09%)
CNERGY 3.72 No Change ▼ 0.00 (0%)
DCL 8.45 Increased By ▲ 0.20 (2.42%)
DFML 40.65 Increased By ▲ 0.38 (0.94%)
DGKC 86.00 Increased By ▲ 0.26 (0.3%)
FCCL 33.19 Increased By ▲ 0.59 (1.81%)
FFBL 66.25 Decreased By ▼ -0.25 (-0.38%)
FFL 10.16 No Change ▼ 0.00 (0%)
HUBC 105.25 Increased By ▲ 2.15 (2.09%)
HUMNL 13.35 Decreased By ▼ -0.05 (-0.37%)
KEL 4.30 Increased By ▲ 0.05 (1.18%)
KOSM 7.24 Increased By ▲ 0.06 (0.84%)
MLCF 38.65 Increased By ▲ 0.35 (0.91%)
NBP 63.70 Decreased By ▼ -1.31 (-2.02%)
OGDC 174.55 Increased By ▲ 0.75 (0.43%)
PAEL 25.11 Increased By ▲ 0.21 (0.84%)
PIBTL 5.80 No Change ▼ 0.00 (0%)
PPL 142.50 Decreased By ▼ -0.20 (-0.14%)
PRL 23.02 Increased By ▲ 0.04 (0.17%)
PTC 15.45 Increased By ▲ 0.34 (2.25%)
SEARL 65.50 Increased By ▲ 0.15 (0.23%)
TELE 7.03 Increased By ▲ 0.03 (0.43%)
TOMCL 36.50 Decreased By ▼ -0.41 (-1.11%)
TPLP 7.30 Decreased By ▼ -0.04 (-0.54%)
TREET 14.20 Decreased By ▼ -0.08 (-0.56%)
TRG 50.90 Increased By ▲ 1.20 (2.41%)
UNITY 26.69 Increased By ▲ 0.54 (2.07%)
WTL 1.25 Increased By ▲ 0.01 (0.81%)
BR100 9,635 Increased By 33.3 (0.35%)
BR30 28,770 Increased By 196.9 (0.69%)
KSE100 90,635 Increased By 348.3 (0.39%)
KSE30 28,344 Increased By 0.7 (0%)

LONDON: Copper prices edged higher on Friday, supported by growing expectations of U.S. interest rate cuts and slightly firmer physical demand in China, though investors remained cautious amid lacklustre economic data. Three-month copper on the London Metal Exchange gained 0.5% to $9,100.50 a metric ton by 1015 GMT, rebounding from Thursday’s 1.9% decline.

“On the macro front it’s a mixed picture. The easing stance from the Fed is positive, but U.S. and Chinese data have been quite weak,” said Amelia Xiao Fu, head of commodity market strategy at Bank of China International.

Some investors expect U.S. jobs data later on Friday to boost the case for rate cuts and weigh on the dollar.

A soft dollar typically supports commodities priced in the U.S. currency by making them less expensive for buyers using other currencies.

While recent factory data from top metals consumer China has been weak, there has been evidence of some renewed physical buying in China. The Yangshan copper premium rose to a more than three-month peak this week, signalling import appetite.

Copper up on hope for China’s stimulus after weak factory data

Downstream consumers have been attracted by lower prices after copper has shed 18% since its record peak of more than $11,000 a ton in May, said commodity markets strategist Fu.

“You have this buying-on-dip demand, but arguably not too strong, given the weak macro data. Demand is probably not strong enough to push prices materially higher.”

The most traded September copper contract on the Shanghai Futures Exchange (SHFE) lost 1.7% to 73,700 yuan ($10,211.57) a ton.

In another slightly bullish sign, SHFE deliverable copper inventories declined 2% on Friday, but they were still not far from the highest level in four years.

Market participants expect a demand pickup in China, starting in September, a time of seasonally strong consumption.

In other metals, LME aluminium dipped 0.2% to $2,292.50 a ton, zinc slipped 0.1% to $2,705, lead was down 0.9% at $2044.50 while tin rose 1.2% to $30,250 and nickel gained 0.9% to $16,430.

Comments

200 characters