Copper rises as dollar falls amid focus on the US tax plan

Copper prices rose on Friday, as the US dollar fell against most major currencies, while investors focused on Joe Biden's proposal to raise taxes in the US.

Bloomberg reported that US President Joe Biden administration is considering increasing taxes on the mega-rich to up to 43.4%, and the tax plan aims to increase taxes on those whose annual income is over $1 million to 39.6% from 20%.

Copper was also lifted by expectations of a global supply shortage of industrial metal during 2021.

The dollar index fell against a basket of major currencies by 0.4% to 91 points as of 13:38 GMT, after hitting a high of 91.3 points and a low of 90.9 points.

Copper May futures rose 1% to $4.32 per pound as of 13:36 GMT, after hitting a high of $4.33 and a low of $4.26.