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%)

Copper prices fell on Monday as worries about demand in top consumer China were reinforced after data showed weaker economic growth and on expectations of slowing activity ahead of the Lunar New Year holiday.
Benchmark copper on the London Metal Exchange ended down 1.2 percent at $5,981 a tonne.
Prices of the metal used widely in power and construction touched a three-week high of $6,077 a tonne last week.
"Everything comes to a halt in the run-up to and during the Chinese New Year break, that softens the market," Macquarie analyst Vivienne Lloyd said.
"Damage to copper prices from the (US-China) trade war has been priced in, so any sort of rapprochement would be bullish."
China's economy cooled in the fourth quarter under pressure from faltering domestic demand and bruising US tariffs, dragging 2018 growth to 6.6 percent, the lowest in nearly three decades.
With support measures expected to take time to kick in, many believe conditions are likely to worsen before they get better, and see a further slowing to 6.3 percent this year.
"China remains an important determinant of how healthy the copper market is. While the government has extended fiscal and monetary stimulus, the support has so far been cautious," BofAML analysts said in a note.
"In our view this is unlikely to change for various reasons. Most notably, rebalancing the economy towards services/ knowledge-intensive sectors makes many of the traditional stimulus tools less effective."
The Lunar New Year break runs from Feb. 4-8, but many factories close the week before.
The United States is pushing for regular reviews of China's progress on pledged trade reforms as a condition for a trade deal - and could again resort to tariffs if it deems Beijing has violated the agreement.
Support for copper stands around $5,950 a tonne, the 21-day moving average. Resistance is at $6,080, where the 55-day moving average currently sits.
Concern about nearby supplies of tin on the LME market have created a large premium above $100 a tonne for the cash over the three-month contract.
Tin stocks in LME-approved warehouses at 1,090 tonnes are about a third of the level in December and large holdings of tin warrants and cash contracts are behind the nervousness.
Three-month tin closed up 0.2 percent at $20,650 a tonne, close to the seven-month high of $20,770 a tonne hit last week.
Aluminium fell 1.0 percent to $1,852 a tonne, zinc rose 0.3 percent to $2,588, lead was untraded at the close, but bid up 0.7 percent to $2,012 and nickel slipped 0.2 percent to $11,800 a tonne.

Copyright Reuters, 2019

Comments

Comments are closed.