EconomyCopper price rebounds on weak dollar and COVID-19 outbreaks...

Copper price rebounds on weak dollar and COVID-19 outbreaks in China limit gains

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Copper was rebounding on Tuesday after four sessions of losses on the back of a weaker dollar, but rising COVID-19 cases in top metals consumer China limited gains.

Three-month copper on the London Metal Exchange was up 1.9% at $8,033 a tonne as of 10:35 GMT. It is down 7% since hitting a five-month high on November 14.

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The dollar index was down from a high in more than a week against its rivals, making greenback-traded metals less expensive for buyers holding other currencies.

The downward correction in copper in recent days had been largely driven by concerns about possible pandemic-related lockdowns in China, which would curb demand for metals, forcing bullish investors to trim their positions, it said Ole Hansen, head of commodities at Saxo Bank in Copenhagen.

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The Chinese capital, Beijing, closed parks and museums on Tuesday and imposed new testing requirements to enter public places such as shopping malls and hotels, as COVID-19 cases rose.

The December copper contract on the Shanghai Futures Exchange ended the day down 1.1% at 64,410 yuan ($8,996.06) a tonne.

BHP said on Monday it reached an agreement with a workers’ union to avoid a planned strike at Chile’s Escondida mine, the world’s biggest copper mine.

Among other industrial metals, LME aluminum was up 1.7% at $2,420.50 a tonne, nickel was up 2.1% at $25,500, zinc was up 0.8% at $2,930, lead added 0.9% to US$2,119.50 and tin rose 1.1% to US$21,400.

With information from Reuters.

Source: Elcomercio

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John
John
I am John Casanova. I am an author at 24 news recorder and mostly cover economy news. I have a great interest in the stock market and have been writing about it for many years. I am also interested in real estate and have written several articles on the subject. I am a very experienced investor and have a lot of knowledge to share with others.

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