Copper prices increased Aug. 6 thanks to a weaker dollar.
Copper prices increased Aug. 6 thanks to a weaker dollar. Three-month copper hit $7,045 a tonne on the London Metal Exchange, Reuters reported, up $70 from Monday’s close. The red metal ended the day at $7,005 in London.
If the dollar falls, commodities priced in the U.S. unit become cheaper for holders of other currencies. Investors are also waiting for new trade and industrial output data from China – the world’s largest copper consumer.
“In China there seems to be a gradual ramping up of infrastructure projects to help support growth,” Nic Brown, head of commodities research at Natixis, told Reuters. “I’m not too negative on the outlook for copper demand from China.”
Copper prices on the Comex in New York were also up today. Copper futures hit $3.18 a pound – an increase of $0.13.