AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.04 Decreased By ▼ -0.95 (-0.74%)
BOP 6.67 Increased By ▲ 0.07 (1.06%)
CNERGY 4.51 Decreased By ▼ -0.09 (-1.96%)
DCL 8.55 Increased By ▲ 0.07 (0.83%)
DFML 41.44 Decreased By ▼ -0.04 (-0.1%)
DGKC 86.85 Increased By ▲ 0.27 (0.31%)
FCCL 32.28 Increased By ▲ 0.14 (0.44%)
FFBL 64.80 Decreased By ▼ -0.62 (-0.95%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 Decreased By ▼ -0.92 (-0.83%)
HUMNL 14.68 Decreased By ▼ -0.07 (-0.47%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.46 Increased By ▲ 0.34 (4.78%)
MLCF 41.38 Decreased By ▼ -0.27 (-0.65%)
NBP 60.41 Increased By ▲ 0.32 (0.53%)
OGDC 190.10 Decreased By ▼ -4.59 (-2.36%)
PAEL 27.83 Decreased By ▼ -0.12 (-0.43%)
PIBTL 7.83 Decreased By ▼ -0.17 (-2.13%)
PPL 150.06 Decreased By ▼ -1.11 (-0.73%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 Increased By ▲ 0.07 (0.44%)
SEARL 86.00 Increased By ▲ 7.80 (9.97%)
TELE 7.71 Increased By ▲ 0.32 (4.33%)
TOMCL 35.41 Decreased By ▼ -0.26 (-0.73%)
TPLP 8.12 Increased By ▲ 0.21 (2.65%)
TREET 16.41 Increased By ▲ 0.52 (3.27%)
TRG 53.29 Increased By ▲ 0.53 (1%)
UNITY 26.16 Decreased By ▼ -0.39 (-1.47%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,884 Decreased By -36.4 (-0.37%)
BR30 30,600 Decreased By -151.5 (-0.49%)
KSE100 93,355 Increased By 130.9 (0.14%)
KSE30 28,931 Increased By 46 (0.16%)

Copper prices hit their highest in more than a week on Thursday as the Chinese ramped up purchases ahead of a long public holiday, and nickel advanced on supply disruption threat from Russia.

Three-month copper on the London Metal Exchange rose 1.3% to $9,205 per metric ton by 0606 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange advanced 1.6% to 73,910 yuan ($10,381.49) a ton.

Earlier in the session, LME copper hit $9,207, the highest since Sept. 3, and SHFE copper climbed to a level not seen since Sept. 2 at 73,930 yuan.

“Local (Chinese) copper premiums have been lifting. SHFE stocks have been drawing down. These are helping,” Sandeep Daga, a director at Metal Intelligence Centre said.

The import premium for copper in China rose to $65 a ton, compared to a discount of $20 a ton in May. SHFE copper inventories dropped to 215,374 tons, the lowest since March 1.

“We have seen some buying interests from the spot market in China recently,” said analyst Matt Huang at broker BANDS Financial, adding that demand is supported by purchases made ahead of a long holiday in China in early October.

Copper prices buoyed by US rate cut expectation, softer dollar

However, further price increases might dampen the demand, Huang added.

LME nickel rose as much as 1% to $16,270 a ton, the highest since Sept. 4.

SHFE nickel climbed as much as 3.5% to 125,090 yuan. Russian President Vladimir Putin said on Wednesday that Moscow should consider limiting exports of nickel.

Russia is a major nickel supplier to China and Europe. LME aluminium climbed as much as 1.5% to a one-week high at $2,406 a ton.

Zinc hit its highest since Sept. 4 at $2,819, while lead advanced 1.1% to $2,010.50 and tin increased 1.3% to $31,350.

SHFE aluminium jumped as much as 1.9% to 19,715 yuan a ton, the highest since Sept. 2.

Zinc climbed as high as 3.4% to 23,505 yuan. SHFE lead rose 1.7% to 16,745 yuan and tin advanced 1.8% to 255,910 yuan.

Comments

200 characters