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Markets

Copper rises on weaker dollar, economic recovery hopes

  • "Although some of the rises in commodity prices has been driven by speculators, there is also a genuine increase in demand as the global economy reopens," said Catril.
25 May, 2021

Copper prices extended overnight gains on Tuesday as a softer dollar and hopes of global economic recovery offset worries over possible price caps on industrial metals in top consumer China.

Three-month copper on the London Metal Exchange was up 1.2% at $10,067 a tonne by 0517 GMT.

London copper closed below $10,000 a tonne in the last two sessions amid a sell-off in industrial metals and has fallen more than 6% since touching a record high of $10,747.50 a tonne earlier this month.

In Shanghai, copper rose 1.6% to 72,880 yuan ($11,368.14) a tonne.

"Copper rebounded, shrugging off China's renewed angst against soaring commodities prices," said Rodrigo Catril, a senior FX strategist at National Australia Bank in Sydney.

Prices of copper and other base metals fell last week and extended their losses in the early part of Monday's session, after China warned against hoarding and speculation to cool a blistering rally in prices of industrial commodities.

"Although some of the rises in commodity prices has been driven by speculators, there is also a genuine increase in demand as the global economy reopens," said Catril.

"So many think (China's) measures to clamp down on speculators may not be enough to ease the price pressure."

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