Copper steadies as dollar falls

Economies.com
2021-09-24 13:44PM UTC

Copper prices held on Friday, due to lingering concerns about the Chinese company Evergrand's crisis, while the US dollar fell against most majors.

 

China's real estate giant Evergrande continues to face a disastrous debt default scenario, which could destabilize many economic sectors in China, maid concerns about the integrity of the Chinese real estate and credit markets.

 

The People's Bank of China has injected huge sums of money, in attempts to ease global markets' concerns about the world's second largest economy.

 

The dollar index fell against a basket of currencies by 0.1% to 93.3 points as of 13:31 GMT, after it hit a high of 93.4 points and a low of 93.05 points.

 

Copper December futures contracts rose less than 0.1% to $4.23 a pound as of 13:28 GMT, and hit a high of $4.26 and a low of $4.20.

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