Copper climbs on signals of stronger global economic activities

Economies.com
2023-02-02 15:43PM UTC

Copper prices rose on Thursday even ass the dollar gained ground against a basket of major rivals, but the industrial metal received some signals of stronger global economic activity.

 

The Fed recently increased interest rates by 25 basis points to 4.75%, the highest since September 2007.

 

Fed Chair Jerome Powell touted the slowdown in consumer prices in recent months, and said the Fed will continue to take decisions every meeting based on the most recent data.

 

Powell considers the growths in wages as high, and the labor sector as being tight now.

 

and in tandem, Bank of England and the European Central Bank both announced 0.5% rate hikes today.

 

Otherwise, the dollar index rose 0.55 to 101.7 as of 15:29 GMT, with a session-high at 101.9, and a low at 100.8. 

 

Copper futures due in March rose 0.8% to $4.14 a pound as of 15:24 GMT. 

 

Will Copper extend gains?

 

Copper remains on the positive side as China eased Covid restrictions in order to boost the economy.

 

Copper is very sensitive to the global economy due to its importance in many industries and sectors. ‏

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