Copper rises on Chinese measures to support the economy
Economies.com
2022-05-20 14:50PM UTC
Copper prices rose on Friday after sustaining recent losses due to dollar's strength and concerns about global recession.
Dollar hit recent 20-year highs on powerful haven demand recently, hurting metals prices.
The dollar index rose 0.3% to 103.03 as of 14:38 GMT, with a session-high at 103.2.
China
China is the world's largest metals and commodities consumer, therefore any issues there impact the market.
China's People's Central Bank announced a cut in in main interest rates on house mortgages to support the economy.
Shanghai is also starting to relax restrictions on movements for the citizens and Covid 19 infections decline.
Copper futures due in July rose 0.3% to $4.29 a pound as of 14:30 GMT.
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