Copper drops more than 1% as dollar advances
Copper prices fell on Monday, as the US dollar rose against most currencies, amid fears that global demand will be affected by the coronavirus pandemic.
Some countries have recently re-imposed lockdown restrictions once again, as governments are struggling to contain the pandemic by vaccines.
This comes after the new highly transmissible delta strain emerged in some countries, and the World Health Organization's warnings of a new variant called "Mo".
Copper in addition to other industrial metals are impacted by growing concerns about a slowdown in global economic growth, as these metals are heavily used in many industries and economic sectors such as construction, electricity, and electronic devices.
The dollar index rose against a basket of major currencies by 0.1% to 92.7 points as of 13:51 GMT, after hitting a high of 92.8 points and a low of 92.6 points.
Copper December futures fell 1.4% to $4.38 per pound as of 13:52 GMT.
| Symbol | Last | Change | Chg.% | ||
|---|---|---|---|---|---|
|
|
|
1.1623
|
0.0012
|
0.1016%
|
|
|
|
|
1.3767
|
0.0028
|
0.2027%
|
|
|
|
Tadawul
|
11890.10
|
44.17
|
0.37%
|
|
|
|
|
24.381
|
1.067
|
4.577%
|
|
|
|
|
84.463
|
1.117
|
1.340%
|
|
|
|
|
86.21
|
0.68
|
0.80%
|
|
|
|
|
1799.530
|
29.790
|
1.683%
|
|
