Copper rises to new highs on supply shortages concerns

Copper prices rose on Monday, and hit new record highs on expectations of global supply shortages, while the US dollar fell against most majors.

Copper is also being lifted by the the recovery in global demand as the US, Chinese and Japanese economies recovered this year from the Covid-19 pandemic impact.

Industrial components and products that copper is used in their manufacture also witnessed a jump in prices led by household appliances, durable goods and wind turbines.

The dollar index slipped against a basket of currencies by 0.1% to 90.1 points as of 13:22 GMT, after it hit a high of 90.3 points and a low of 90.05 points.

Copper July futures rose 1.1% to $4.80 per pound as of 13:22 GMT, after hitting a high of $4.88 and a low of $4.75.