Base metals prices see uptick due to softer dollar
Prices of nonferrous metals saw an upward movement, largely influenced by a softer dollar. This rise, however, comes in the shadow of a monthly downturn, driven by weak demand from China, the world’s largest consumer of these metals. Three-month copper on the London Metal Exchange (LME) increased by 1.5% to $9,108 per metric ton as of 0623 GMT. Similarly, the most-traded copper contract on the Shanghai Futures Exchange rose. This increase was supported by the dollar index trading lower, making dollar-priced metals cheaper for holders of other currencies.
Read more for the latest updates about the base metals market.
Disclaimer:
The physical demand for these metals needs to materialise to establish a floor price. Market analysts suggest that a swift price rebound could occur once Chinese buyers are willing to purchase – which indicates potential volatility in the market. Risk management is advised for day traders.
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