AGL 40.40 Increased By ▲ 0.20 (0.5%)
AIRLINK 129.25 Increased By ▲ 0.14 (0.11%)
BOP 6.81 Increased By ▲ 0.21 (3.18%)
CNERGY 4.13 Increased By ▲ 0.10 (2.48%)
DCL 8.73 Increased By ▲ 0.28 (3.31%)
DFML 41.40 Increased By ▲ 0.15 (0.36%)
DGKC 87.75 Increased By ▲ 0.75 (0.86%)
FCCL 33.85 Increased By ▲ 0.50 (1.5%)
FFBL 66.40 Increased By ▲ 0.50 (0.76%)
FFL 10.69 Increased By ▲ 0.15 (1.42%)
HUBC 113.51 Increased By ▲ 2.81 (2.54%)
HUMNL 15.65 Increased By ▲ 0.42 (2.76%)
KEL 4.87 Increased By ▲ 0.09 (1.88%)
KOSM 7.62 Decreased By ▼ -0.21 (-2.68%)
MLCF 43.10 Increased By ▲ 1.20 (2.86%)
NBP 61.50 Increased By ▲ 1.00 (1.65%)
OGDC 192.20 Increased By ▲ 9.40 (5.14%)
PAEL 27.05 Increased By ▲ 1.69 (6.66%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 150.50 Increased By ▲ 2.69 (1.82%)
PRL 24.96 Increased By ▲ 0.40 (1.63%)
PTC 16.25 Increased By ▲ 0.01 (0.06%)
SEARL 71.30 Increased By ▲ 0.80 (1.13%)
TELE 7.25 Decreased By ▼ -0.05 (-0.68%)
TOMCL 36.29 Decreased By ▼ -0.01 (-0.03%)
TPLP 8.05 Increased By ▲ 0.20 (2.55%)
TREET 16.30 Increased By ▲ 1.00 (6.54%)
TRG 51.56 Decreased By ▼ -0.14 (-0.27%)
UNITY 27.35 No Change ▼ 0.00 (0%)
WTL 1.27 Increased By ▲ 0.04 (3.25%)
BR100 9,967 Increased By 125.2 (1.27%)
BR30 30,751 Increased By 714.7 (2.38%)
KSE100 93,292 Increased By 771.2 (0.83%)
KSE30 29,017 Increased By 230.5 (0.8%)

Zinc prices edged up to their highest in more than a decade on Friday, supported by potential shortages and low inventories, but some investors voiced concern about the lofty levels. Benchmark zinc on the London Metal Exchange climbed to $3,409 a tonne, the strongest since August 2007, before paring gains by the close to $3,383.50, up 0.1 percent.
Zinc has rallied 11 percent since early December and was the top gainer among LME metals last year, surging 32 percent. "Global exchange inventories have declined to about six to seven days of global consumption, so stocks are tight, and China's environmental checks will continue, so that will limit supply growth domestically," said Xiao Fu, head of commodity market strategy at Bank of China International in London.
LME inventories have tumbled 58 percent over the past 12 months to 180,150 tonnes after closures and suspensions of big mines in recent years. LME three-month copper dipped 0.4 percent to finish at $7,109 a tonne, pressured slightly by Chinese data.
China's unwrought copper imports fell 4.3 percent in December from a month earlier, but still recorded their second-highest level in 2017. LME aluminium was the best performer on the exchange, rising 1.8 percent to end at $2,214 a tonne, shrugging off news of higher Chinese exports.
China's exports of unwrought aluminium and aluminium products rose for a second straight month in December, by 15.8 percent from November. Aluminium producer Alcoa Corp locked out union workers at its smelter in Quebec as an old contract expired at midnight and talks on a new agreement failed.
"This smelter is a key supplier into the North American market, and US Midwest transaction premiums have already moved above 10c/lb," Colin Hamilton at BMO Capital Markets said in a note. LME nickel recovered from a sell-off in the previous session to close 0.8 percent firmer at $12,725 a tonne.
Munro said nickel was the second-biggest long of the LME complex based on Marex estimates. There also was evidence that Chinese investors were seeking to sell into the recent rally, he added. Base metals got support from a weaker dollar, making commodities priced in the greenback cheaper for buyers using other currencies. Lead, untraded at the close, was bid down 0.6 percent at $2,535, and tin rose 0.3 percent to finish trading at $20,275.

Copyright Reuters, 2018

Comments

Comments are closed.