According to data from trading platforms, the price of copper rose on Monday, updating the record since 2011, due to the weakening of the dollar and concerns about supplies from Chile.
The price of July copper futures on the Comex exchange is growing by 0.94%, to $ 4.3842 per pound (about 0.45 kilograms). Earlier on Monday, the index reached $ 4.3943, the highest level since the beginning of August 2011.
On the London Metal Exchange (LME), the price of a ton of copper for delivery in three months at the end of trading on Friday increased by 1.6%, to 9551.5 dollars, aluminum – by 0.06%, to 2364.5 dollars, zinc – by 1.05%, to 2852 dollars per ton.
The dollar index (the dollar exchange rate against a basket of currencies of six countries – the main trading partners of the United States) is now decreasing by 0.17%, to 90.7 points. This is the lowest level since the beginning of March. A cheaper dollar makes commodities, including copper, more affordable when bought in a different currency.
Traders are also paying attention to the situation in Chile. Port workers in the country, which accounts for about a quarter of the world’s copper supply, have called for a strike, the Wall Street Journal quoted CBA analysts as saying.