Copper extends gains in challenge to global geopolitical concerns

Economies.com
2024-05-13 15:50PM UTC

Copper prices rose on Monday as the dollar inched down against most major rivals despite ongoing geopolitical tensions.

 

Copper is considered a highly sensitive metal to global economic conditions due to its widespread industrial applications. 

 

Copper rallied to two-week highs on strong global demand, driven by higher growth especially from renewable energy sectors. 

 

And the higher demand comes at a time of noticeably lower supplies as major producers in South America curtail production. 

 

The International Copper Association expects copper demand to rise from 28.3 million tonnes in 2020 to 40.9 million tonnes by 2040, with a 1.8% compounded growth rate. 

 

Copper is particularly boosted by the global trends in favor of renewable energy sectors, with the metal playing an important role in supporting such industries.

 

Otherwise, the dollar index fell 0.1% as of 16:38 GMT to 105.2, with a session-high at 105.3, and a low at 105.06. 

 

On trading, copper July futures rose 1.6% as of 16:33 GMT to $4.73 a pound. 

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