Commodities

Copper falls on renewed global supply concerns

2020-08-06 14:53:59 GMT (Economies.com)

Copper prices fell on Thursday, despite the US dollar sharp drop against most currencies, while the market concerns about global output were renewed.

 

Investors are uncertain over the global demand recovery in the coming period, as the coronavirus crisis continues.

 

Copper futures on the London Metal Exchange (LME) fell to $4,371 per tonne, jumping $6,633/tonne on July, after easing the coronavirus-lockdown and restrictions, especially in China.

 

The dollar index fell against a basket of currencies by 0.1% to 92.8 points as of 14:00 GMT, after it hit a high of 92.9 and a low of 92.5.

 

Copper September futures fell 0.6% to $2.89 per pound as of 14:02 GMT, after hitting a session-high of $2.92 and a low of $2.88.

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