Copper inches down, but remains near 7-year high

Copper prices edged lower Wednesday, as the US dollar fell against most of its peers, but copper remains near its highest price since 2013.

Copper was lifted by strong Chinese demand and the high market sentiment, especially as the development race of the Covid-19 vaccines is near finishing.

The US President-elect Joe Biden welcomed the outgoing President Donald Trump's decision to take the necessary measures to transfer power to the Biden administration.

Trump lost Pennsylvania after the state authorities revealed the results of the recount, which was in favor of his Democratic rival Joe Biden.

The dollar index fell against a basket of major currencies by 0.1% to 92.1 points as of 14:36 GMT, after hitting a high of 92.2 points and a low of 92.9 points.

Copper March futures fell 0.1% to $3.31 per pound as of 14:33 GMT, after hitting a high of $3.35 and a low of $3.30.