Copper extends gains amid optimism for Chinese demand

Economies.com
2023-01-20 15:30PM UTC

Copper prices rose on Friday even as the dollar gained ground against most major rivals, with prices buoyed by optimism for Chinese demand. 

 

Several Fed officials stated recently their determination to keep raising interest rates to control inflation. 

 

That comes despite recent data that showed a slower US growth rate in December.

 

However, JPMorgan Chase CEO, Jimmy Damon, said recently he expects interest rates to surpass 5% this year. 

 

Otherwise, analysts believe that reopening the Chinese economy will reinvigorate the economy and boost demand on commodities. 

 

‏The dollar index rose 0.25% to 102.2 as of 15:18 GMT, with a session-high at 102.5, and a low at 101.9. 

 

Copper futures due in March rose 0.4% to $4.25 a pound as of 15:14 GMT. 

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