Copper hits two-week high as dollar weakens
Copper (HG=F) climbed to a two-week high as London Metal Exchange trading resumed following the Easter break, with base metals benefiting from a recent dollar rout.
A softer greenback can support industrial commodities because it makes them cheaper for buyers in other currencies. A Bloomberg gauge of the dollar dropped to a 15-month low on Monday, when the LME was on the second of a two-day trading pause for the holiday, News.Az reports, citing Bloomberg.
Copper rose as much as 1.6% on Tuesday.
Metals have had a turbulent April amid global trade turmoil unleashed by US President Donald Trump’s sweeping import tariffs. While that threatens economic growth — and demand for metals — the dollar weakness is lending support.
Copper gained 1.3% to $9,305 a ton by 9:54 a.m. local time on the LME, leading metals higher on the exchange.
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