Copper price rises on supply risks and softening dollar
Copper price rose on Tuesday, as supply risks flagged by major producers offset demand concerns, while a softening dollar made the metal cheaper for holders of other currencies.
Copper rose 3.3% to $3.46 ($7,612) a tonne on the Comex market in New York.
Click here for an interactive chart of copper prices
The dollar slipped for a fourth straight session as traders waited on a rate hike decision from the US Federal Reserve.
MMG said on Monday it had suspended its copper production targets for the year following a 60% output drop due to a long protest at its Las Bambas mine in Peru.
Last week, Vale and Antofagasta cut their 2022 copper production outlook.
“These miners … have been struggling to meet the bottom end of their guidance ranges and in some cases lowering below. That’s providing some offset to the slowing demand growth,” said CRU analyst Craig Lang.
(With files from Reuters)
More News
Myanmar’s tin-rich Wa State delays mining resumption meeting after earthquake
A tin trader said it was difficult to predict when operations could resume.
April 03, 2025 | 08:43 am
The race to get gold bars into the US is screeching to a halt
US premiums for precious metals tumbled after a list of exemptions from the tariffs included gold, silver, platinum and palladium.
April 03, 2025 | 06:59 am
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments