Reuters
Melbourne
London copper edged up on Friday, recovering from more than two-month lows plumbed in the previous session, but was still set for a second weekly drop due to a stronger dollar and concerns that China will hold back on more stimulus.
Copper prices have fallen back this week after a senior official said that China´s government will not use excessive investment, or high rates of credit growth to stimulate growth. That, combined with a crackdown on speculators in China´s steel markets and a dollar revival, have doused a recovery in metals, said analyst Dan Morgan at UBS in Sydney.
"What we saw in Q1 was a big reflation in a lot of prices, and the backdrop doesn´t suggest that would continue for the rest of the year," Morgan said. London Metal Exchange copper climbed half a percent to $4,634.50 a tonne by 0028 GMT, following a 2 percent loss in the prior session when it struck its weakest since Feb.
A Nestlé office seen in this undated image.—The News/File LAHORE: Nestle Pakistan has released its 2023 Creating...
An undated image of a gold set displayed at a jewellery store. — AFP/FileKARACHI: Gold prices increased by Rs2,500...
Institute of Chartered Accountants of Pakistan building seen in this undated photo. — Business Recorder/FileKARACHI:...
A representational image of the SECP logo. — X/@SECPakistan/FileISLAMABAD: The Securities and Exchange Commission of...
A representational image showing farmers harvesting wheat crops in a field. — AFP/FileISLAMABAD: The Federation of...
A foreign currency dealer counts US dollar notes at a currency market in Karachi on July 19, 2022. — AFPNew York:...