Copper becomes cheaper due to the strengthening of the US dollar

Data from the Comex exchange indicate a decrease in the cost of copper. By 8 am Moscow time, the price of a pound of metal dropped to $4.7105, or 0.75% compared to its value at the close of trading the day before. Yesterday trading on the London Stock Exchange ended with a rise in prices for industrial metals. The cost of copper rose to $10,367.50, or 0.5%. Aluminum rose to $3,551, or 3.4%. The price of zinc rose to $4,149, or 3%. One of the factors that has a significant impact on the markets is the US exchange rate. Its growth makes it unprofitable to purchase raw materials for investors who have other currencies, including metals. Today the dollar index is showing growth. It has already climbed 0.13% to 97.91 points. Statistics from China also support the fall in copper prices. Economic activity in this country is declining due to the worsening epidemiological situation. As a result, demand for copper is expected to decline.

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Arseny Kudrin

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