AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 130.50 Increased By ▲ 0.97 (0.75%)
BOP 6.68 No Change ▼ 0.00 (0%)
CNERGY 4.65 Increased By ▲ 0.02 (0.43%)
DCL 9.00 Increased By ▲ 0.06 (0.67%)
DFML 43.30 Increased By ▲ 1.61 (3.86%)
DGKC 83.81 Increased By ▲ 0.04 (0.05%)
FCCL 32.98 Increased By ▲ 0.21 (0.64%)
FFBL 78.31 Increased By ▲ 2.84 (3.76%)
FFL 11.59 Increased By ▲ 0.12 (1.05%)
HUBC 110.66 Increased By ▲ 0.11 (0.1%)
HUMNL 14.51 Decreased By ▼ -0.05 (-0.34%)
KEL 5.42 Increased By ▲ 0.03 (0.56%)
KOSM 8.42 Increased By ▲ 0.02 (0.24%)
MLCF 39.79 No Change ▼ 0.00 (0%)
NBP 60.80 Increased By ▲ 0.51 (0.85%)
OGDC 198.60 Decreased By ▼ -1.06 (-0.53%)
PAEL 26.66 Increased By ▲ 0.01 (0.04%)
PIBTL 7.77 Increased By ▲ 0.11 (1.44%)
PPL 159.20 Increased By ▲ 1.28 (0.81%)
PRL 26.54 Decreased By ▼ -0.19 (-0.71%)
PTC 18.75 Increased By ▲ 0.29 (1.57%)
SEARL 83.10 Increased By ▲ 0.66 (0.8%)
TELE 8.40 Increased By ▲ 0.09 (1.08%)
TOMCL 34.52 Increased By ▲ 0.01 (0.03%)
TPLP 9.10 Increased By ▲ 0.04 (0.44%)
TREET 17.30 Decreased By ▼ -0.17 (-0.97%)
TRG 61.90 Increased By ▲ 0.58 (0.95%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,407 No Change 0 (0%)
BR30 31,713 No Change 0 (0%)
KSE100 97,835 Increased By 507 (0.52%)
KSE30 30,350 Increased By 157.1 (0.52%)

On the Shanghai Futures Exchange, the most-traded June aluminium contract closed 0.5 percent higher at 14,930 yuan ($2,376) a tonne on Wednesday, just below a nearly three-month high reached on Tuesday. In Shanghai, copper gained 0.6 percent to end at 51,170 yuan. US sanctions on major aluminium producer Rusal have pushed aluminium prices by more than 20 percent since the sanctions began earlier this month. Some traders and analysts were puzzled about the sudden spike in nickel prices, with some attributing it to technical factors.
Global miner Rio Tinto said adjustments may be made to its 2018 aluminium output following sanctions on its Russian partner UC Rusal imposed by the United States earlier this month. "The sanctions against Rusal and resulting dissociation with Rusal by its banks, suppliers, customers and related parties resulted in heightened concern about a global supply shortage," said Helen Lau, analyst at Argonaut Securities.
There was little impact on base metals prices from China's surprise move to cut banks' reserve requirement ratio (RRR), which only lifted Chinese steel, coke and coking coal futures sharply. "The RRR cut was positive, but it may not have very significant impact on financial markets. In terms of size, the steel market is also much bigger than base metals," said CRU analyst Wan Ling.
China's central bank unexpectedly said it will reduce the cash banks hold as reserves by 100 basis points from April 25. But the move falls short of broad monetary easing, with the authority attaching requirements on how funds must be used. Rio last week declared force majeure on some customer contracts in light of the sanctions on Rusal, the world's second biggest aluminium producer, and said it is reviewing Rusal's 20 percent stake in its Queensland Alumina refinery.

Copyright Reuters, 2018

Comments

Comments are closed.