AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

Copper prices rose slightly on Friday, but remained on track to end the week lower after stimulus measures from top consumer China failed to ease demand worry.

Three-month copper on the London Metal Exchange (LME) rose 0.3% to $9,536 per metric ton by 0344 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange (SHFE) advanced 0.1% to 76,600 yuan ($10,749.97) a ton.

LME copper was on track for its fourth straight week of decline. SHFE copper was also set for a weekly drop.

China released a slew of supportive measures to boost growth but the scale of support so far failed to lift demand worries.

LME aluminium dropped 1.7% to $2,605.50 a ton, retreating from a near five-month high hit in the previous session on raw material supply worry.

LME zinc fell 1.4% to $3,130, but was set to log a weekly gain after hitting a 20-month high on Thursday on tightness of near-term supplies.

LME zinc hits 3-week high amid supply disruptions

“It is not the first time that metals have got carried away with supply disruption or ore shortage stories by ignoring demand slowdown. But in most such times, prices have started multi-month bearish trend,” said Sandeep Daga, a director at Metal Intelligence Centre.

“Bulls are refraining from adding new bets despite Chinese stimulus, while bearish stakes are at multi-year low. A large part of panic buying from bears is over. I expect prices to slide,” Daga said, adding that LME copper could fall to $9,200 a ton.

LME nickel eased 0.4% to $16,230, lead edged down 0.2% at $2,070 and tin fell 0.4% to $31,000.

SHFE aluminium fell 1.2% to 20,785 yuan a ton, zinc declined 0.4% to 25,245 yuan, tin decreased 0.4% to 253,750 yuan, while nickel rose 0.3% to 126,310 yuan and lead edged up 0.2% at 16,790 yuan.

Comments

200 characters