Copper steady on rally in tech stocks and weaker dollar
CPER•Copper prices were slightly firmer at $14,421 a metric ton by 1615 GMT, supported by a rally in stock markets, a weaker dollar and expectations for firmer demand.
CPER•CPER•CPER•Copper prices were slightly firmer at $14,421 a metric ton by 1615 GMT, supported by a rally in stock markets, a weaker dollar and expectations for firmer demand.
Benchmark three-month copper was slightly firmer at $14,421 a metric ton by 1615 GMT, after gaining 1.1% on Monday. A rally in tech stocks added to optimism about future copper demand from data centres and power infrastructure, while a weaker dollar made dollar-denominated commodities cheaper for buyers using other currencies.
LME copper has climbed 16% so far this year but eased from its September 10 record peak of $14,875. The Shanghai Futures Exchange was closed for China's National Day and will reopen on October 8; one strategist said trading was thinner than usual and gains would need to hold when activity returns.
