AGL 40.15 Increased By ▲ 0.15 (0.38%)
AIRLINK 132.70 Increased By ▲ 3.17 (2.45%)
BOP 6.89 Increased By ▲ 0.21 (3.14%)
CNERGY 4.60 Decreased By ▼ -0.03 (-0.65%)
DCL 8.90 Decreased By ▼ -0.04 (-0.45%)
DFML 42.30 Increased By ▲ 0.61 (1.46%)
DGKC 84.50 Increased By ▲ 0.73 (0.87%)
FCCL 32.95 Increased By ▲ 0.18 (0.55%)
FFBL 77.90 Increased By ▲ 2.43 (3.22%)
FFL 12.11 Increased By ▲ 0.64 (5.58%)
HUBC 110.15 Decreased By ▼ -0.40 (-0.36%)
HUMNL 14.40 Decreased By ▼ -0.16 (-1.1%)
KEL 5.55 Increased By ▲ 0.16 (2.97%)
KOSM 8.36 Decreased By ▼ -0.04 (-0.48%)
MLCF 39.60 Decreased By ▼ -0.19 (-0.48%)
NBP 65.00 Increased By ▲ 4.71 (7.81%)
OGDC 198.74 Decreased By ▼ -0.92 (-0.46%)
PAEL 26.00 Decreased By ▼ -0.65 (-2.44%)
PIBTL 7.62 Decreased By ▼ -0.04 (-0.52%)
PPL 159.00 Increased By ▲ 1.08 (0.68%)
PRL 26.24 Decreased By ▼ -0.49 (-1.83%)
PTC 18.35 Decreased By ▼ -0.11 (-0.6%)
SEARL 82.24 Decreased By ▼ -0.20 (-0.24%)
TELE 8.12 Decreased By ▼ -0.19 (-2.29%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 8.98 Decreased By ▼ -0.08 (-0.88%)
TREET 16.88 Decreased By ▼ -0.59 (-3.38%)
TRG 59.49 Decreased By ▼ -1.83 (-2.98%)
UNITY 27.52 Increased By ▲ 0.09 (0.33%)
WTL 1.40 Increased By ▲ 0.02 (1.45%)
BR100 10,614 Increased By 206.9 (1.99%)
BR30 31,874 Increased By 160.5 (0.51%)
KSE100 98,962 Increased By 1634 (1.68%)
KSE30 30,783 Increased By 590.9 (1.96%)

LONDON: Copper prices rebounded on Thursday as investors took another look at the impact of Donald Trump’s U.S. election victory and hoped for more stimulus from China.

Three-month copper on the London Metal Exchange (LME) gained 2% to $9,530 a metric ton by 1040 GMT, having slid as much as 4.5% on Wednesday to its lowest since Sept. 18.

“The long-liquidation rush yesterday is now being replaced by more of a reality check. The market is now adopting a more sanguine approach compared with the initial panic (after Donald Trump’s U.S. election victory),” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

Among investor concerns is Trump’s threat to impose tariffs on top metals consumer China, but Hansen noted that Trump took about 11 months to take action on tariffs during his first term as President.

Copper drifts up with all eyes on US election, China meeting

“The industrial metals market is now looking to Friday and what could come from China in terms of additional announcements of stimulus,” Hansen added.

The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) closed 1.3% down at 76,480 yuan ($10,676.05) a ton. It earlier hit 75,520 yuan for its lowest since Sept. 23, tracking overnight losses in London.

The LME market was also supported by a weaker dollar index and expectations that the U.S. Federal Reserve will cut interest rates further later in the day.

A weaker U.S. currency makes dollar-priced metals cheaper for buyers using other currencies.

Despite the bounce, investors remain concerned that Trump could roll back electrification initiatives, dampening demand for metals such as copper.

“Trump’s anti-China, anti-green and dollar-supportive policies will keep metals sliding,” said Sandeep Daga, a director at Metal Intelligence Centre.

Among other metals, LME aluminium gained 1.7% to $2,659.50 a ton, nickel was up 1.9% at $16,425, zinc jumped 2.9% to $3,059 while tin rose 1.6% to $31,835 and lead was little changed at $2,047.50.

Comments

200 characters