Commodities

Copper falls 1.5% on dollar strength

2022-01-10 17:44:58 GMT (Economies.com)

Copper prices fell on Monday, as the US dollar rallied against most currencies.

 

Bear in mind that the strength of the US dollar weighs down on commodities such as oil, grains and industrial and precious metals.

 

Uncertainty about the global demand for industrial metals is lingering in the market due to fears of an economic slowdown with the surge in Covid-19 infections in most countries.

 

However, global markets are counting on governments to avoid re-imposing lockdown restrictions to not harm their economies.

 

The dollar index rose against a basket of major currencies by 0.5% to 96.2 points as of 14:56 GMT, after hitting a high of 96.2 points and a low of 95.7 points.

 

Copper March futures fell 1.5% to $4.34 a pound, as of 14:48 GMT.

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