Copper climbs to near eight-week high as dollar weakens, China's real estate market rebounds
2023-11-20 15:00PM UTC

Copper prices rose on Monday to eight-week highs as the dollar lost ground, with demand improving as Chinese officials vow to prop up the real estate market.


Copper three-month futures at the London Metals Exchange rose 0.8% to $8335 a tonne, approaching September 29 highs. 


Copper December futures also rose 0.3% at the Shanghai Futures Exchange to 67980 yuan a tonne.


The dollar plumbed a two-month trough as traders believe the current cycle of US policy tightening has already ended. 


A weaker dollar makes dollar-denominated metal futures cheaper to holders of other currencies.


Simultaneously, China's central bank has vowed to support the real estate market with financial and liquidity life lines.



The real estate market is a huge consumer of the copper and other industrial metals, and a stronger real estate sector will no doubt boost demand on minerals.


Aluminium rose 1.3% as the London Metals Exchange to $2235.50 a tonne, while nickel rose 0.5% to $16,980, while zinc rose 1.1% to $2582, as tin rose 0.1% to $24865. 


At the Shanghai Exchange aluminium rose 0.7% to 19010 yuan per tonne, while lead rose 0.6% to 17055 yuan, while nickel slid 1.1% to 135310 yuan. 


Otherwise, the dollar index fell 0.4% as of 14:48 GMT to 103.5, with a session-high at 103.9, and a low at 103.4. 


Copper December futures rose 0.7% in American trade as of 14:44 GMT to $3.80 a pound. 

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