Copper futures add nearly 1% before the weekend

Economies.com
2017-07-21 13:37PM UTC

Copper futures rose nearly one percent in American trade as the dollar index hit the lowest since June 24, 2016, amid a lack of data from the US, the world's largest economy.

 

As of 02:31 GMT, copper futures due on September 15 rose 0.75% to $273.65 a pound from the opening of $271.75, while the dollar index shed 0.18% to 94.14 from the opening of 94.30, marking a two-year nadir. 

 

Copper's gains come on the back of dollar's weakness following disappointing US data that cut the chances of a Federal Reserve rate hike later this year. 

 

US inflation is still below the Fed's 2% target, while political concerns mount over president Donald Trump as investigations deepen regarding Russian intervention in the last presidential elections, souring risk appetite in the markets. 

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