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Despite an increase in the dollar’s value against a basket of foreign currencies, the price of copper held relatively steady on the LME.
Despite an increase in the dollar’s value against a basket of foreign currencies, the price of copper held relatively steady on the LME as investors anticipated greater Chinese demand for the metal, according to Reuters. Copper prices reached $6,160 a tonne.
Unexpectedly low copper supply has helped the metal despite softer-than-expected demand. Caroline Bain, senior commodities economist at Capital Economics, noted, “We’ve been looking at announcements on [China] stimulus and we expect demand to pick up in the second half.”
Comex copper dipped 1 percent to $2.784 a pound, MarketWatch reported.
