Commodities

Copper drops more than 1% as dollar rises

2020-10-26 14:56:22 GMT (Economies.com)

Copper prices fell on Monday, as the US dollar rose against most of its peers, amid growing concerns about the coronavirus crisis.

 

The US reported a record jump in coronavirus cases by more than 80,000 cases in a single day.

 

This came amid the lack of an effective and safe Covid-19 vaccine, but Johnson & Johnson hinted that its vaccine may be available early next year, or even before the end of this year.

 

The rising number of Covid infections in the US and several other countries is feard to lead to re-imposing lockdowns and quarantine restrictions, which consequently impact economies, demand for goods, and industrial activities.

 

The dollar index rose against a basket of currencies by 0.3% to 93.02 points as of 14:43 GMT, after hitting a high of 93.1 and a low of 92.7.

 

Copper December futures fell 1.1% to $3.09 per pound as of 14:40 GMT, with a day high of $3.14 and a low of $3.07.

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