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Copper Gains, Boosted by Weak Dollar

November 23, 2017 at 18:53 by Vladimir Vyun

Copper, as well as other metals, gained support from the weakness of the US dollar. Unlike most precious metals, though, the industrial metal managed to actually rally.

China’s economy remained a major source of concern for copper. Recent macroeconomic indicators suggested that the nation’s economic growth was cooling. On top of that, Chinese shares plummeted almost 3% today, demonstrating the biggest one-day drop in nearly 18 months.

On a positive side, worker strikes in copper mines led to concerns about supply, boosting prices for copper. Workers in Escondida, the world’s largest copper mine, announced a 24-hour strike today to protest against layoffs. Workers at Southern Copper Corp in Peru said yesterday that they had started an indefinite strike.

Futures fore delivery of copper in March rose 0.32% to $3.169 per pound as of 18:48 GMT on COMEX today.

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