Depreciating dollar favours copper price

MINERS processing copper at one of the mines on the Copperbelt.

DEPRECIATION of the United States dollar and robust prospects for global growth have favoured the price of copper on the world market, climbing as high as US$7,195.

According to Reuters, the price of copper on the London Metal Exchange (LME) rose for a fourth day to the highest in 10 days yesterday, supported by a decline in the dollar and strong prospects for global growth.
LME copper rose by 0.3 percentage points to US$7,186 per tonne in the early hours of yesterday after the dollar extended its losses against the yen and hit a fresh 15-month low, with market participants bracing for further near-term weakness in the green back.

Facebook Feed