Copper extends gains on strong global demand

Copper prices rose on Tuesday, and shrugged off the US dollar's rise against most majors, thanks to strong demand for commodities and metals.

Oil, natural gas, and many commodities and metals prices soared this year, thanks to the global recovery from the coronavirus pandemic, which led to a rise in the inflation in major economies, led by the US.

The rising inflation forced central banks, including the US Federal Reserve and the European Central Bank to start considering a halt in their quantitative easing programs.

Copper is one of the most metals that are closely linked to the global economic growth, as it is heavily used in many industries such as construction, energy, and many others.

The dollar index rose against a basket of major currencies by 0.2% to 94.4 points as of 13:45 GMT, after hitting a high of 94.5 points and a low of 94.2 points.

Copper December futures rose 0.1% to $4.37 a pound, as of 13:44 GMT.