AGL 40.30 Increased By ▲ 0.10 (0.25%)
AIRLINK 130.29 Increased By ▲ 1.18 (0.91%)
BOP 6.29 Decreased By ▼ -0.31 (-4.7%)
CNERGY 4.03 No Change ▼ 0.00 (0%)
DCL 8.85 Increased By ▲ 0.40 (4.73%)
DFML 42.74 Increased By ▲ 1.49 (3.61%)
DGKC 87.50 Increased By ▲ 0.50 (0.57%)
FCCL 33.78 Increased By ▲ 0.43 (1.29%)
FFBL 65.96 Increased By ▲ 0.06 (0.09%)
FFL 10.67 Increased By ▲ 0.13 (1.23%)
HUBC 113.85 Increased By ▲ 3.15 (2.85%)
HUMNL 16.09 Increased By ▲ 0.86 (5.65%)
KEL 4.80 Increased By ▲ 0.02 (0.42%)
KOSM 7.98 Increased By ▲ 0.15 (1.92%)
MLCF 42.09 Increased By ▲ 0.19 (0.45%)
NBP 61.10 Increased By ▲ 0.60 (0.99%)
OGDC 184.90 Increased By ▲ 2.10 (1.15%)
PAEL 25.60 Increased By ▲ 0.24 (0.95%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 146.60 Decreased By ▼ -1.21 (-0.82%)
PRL 24.59 Increased By ▲ 0.03 (0.12%)
PTC 16.48 Increased By ▲ 0.24 (1.48%)
SEARL 70.51 Increased By ▲ 0.01 (0.01%)
TELE 7.36 Increased By ▲ 0.06 (0.82%)
TOMCL 36.16 Decreased By ▼ -0.14 (-0.39%)
TPLP 8.15 Increased By ▲ 0.30 (3.82%)
TREET 16.00 Increased By ▲ 0.70 (4.58%)
TRG 51.40 Decreased By ▼ -0.30 (-0.58%)
UNITY 27.46 Increased By ▲ 0.11 (0.4%)
WTL 1.28 Increased By ▲ 0.05 (4.07%)
BR100 9,896 Increased By 54.4 (0.55%)
BR30 30,314 Increased By 277.4 (0.92%)
KSE100 93,019 Increased By 499 (0.54%)
KSE30 28,879 Increased By 92.5 (0.32%)

LONDON: Copper prices rebounded on Thursday as investors took another look at the impact of Donald Trump’s US election victory and hoped for more stimulus from China. Three-month copper on the London Metal Exchange (LME) gained 2% to $9,527 a metric ton in official open-outcry trading, 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 US 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. “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 US Federal Reserve will cut interest rates further later in the day.

A weaker US 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 2.5% to $2,681.50 a ton, nickel was up 2.3% at $16,490, zinc jumped 3.4% to $3,074 and tin rose 1.5% to $31,825 while lead dipped 0.1% to $2,046.

Comments

200 characters