Copper gains as world’s biggest mine preps for strike
Friday, August 6, 2021 - 01:07:58

A stronger dollar makes metals costlier for buyers with other currencies.

Benchmark copper was up 0.2% at $9,512 a tonne at 1432 GMT but still down more than 2% this week amid concerns that demand in top consumer China will weaken.

“Dr. Copper is supposed to give a good reading of how the economy is doing, and I think we are in limbo phase right now,” said WisdomTree analyst Nitesh Shah.

“Economic growth is back but there’s some doubt with the Delta variant (of the coronavirus).”

Used in power and construction, copper has gained more than 20% this year and touched a record high of $10,747.50 in May.

Shah said prices would be supported over the longer term by demand for infrastructure and underinvestment in new mines. gains as world’s biggest mine preps for strike
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