Copper rises over 2% as dollar eases

Copper prices rose on Monday, as the US dollar pulled back from its highest level in 9 and a half months against most currencies, which eased pressures on commodities and metals.

Copper has been under pressure recently as the Covid-19 virus is spreading in many countries around the world, which foreshadows a slowdown in the global economic recovery and pausing the return of life to normal.

This came after the mutated Delta variant emerged in some countries, which is characterized by its fast transition and an increased death rate.

The dollar index fell against a basket of major currencies by 0.4% to 93.1 points as of 13:52 GMT, after hitting a high of 93.5 points and a low of 93.09 points.

Copper September futures rose 2.1% to $ 4.20 per pound as of 13:45 GMT.