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Copper prices slip as the US dollar gains strength

Copper (Symbol: Copper-C) prices fell as the US dollar strengthened, although the London Metal Exchange (LME) contract is set for its first weekly gain in five weeks, buoyed by increased physical demand following recent price slumps. Earlier this week, copper prices fell to $4.33 per pound, the lowest in two months, due to persistently high stockpiles in China which raised concerns over weak demand. However, this drop in prices spurred physical purchases, providing support around the $4.33-$4.36 per pound range. Such buying activities have helped stabilise prices. Read more to understand how copper is impacted by a strong US dollar.

how usd impacts copper

Disclaimer:

If the US dollar continues to strengthen and global economic growth remains uncertain, copper prices may face further downward pressure. However, sustained physical demand and potential supply disruptions could offer some support. Manage your own risk in trading the base metal market.

Publication date:

2024-06-25 16:39:29 (GMT)

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