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Weaker dollar drives COMEX copper futures higher

Copper futures on the Chicago Mercantile Exchange (COMEX) ended higher on Monday, their third gain in four sessions. The rise in copper futures was mainly affected by the decline in the US dollar exchange rate.

According to reports, as of the close, copper futures rose by 2.2 cents to 3.1 cents. Among them, the most actively traded December 2023 copper futures closed at $3.5865/lb, up 2.35 cents or 0.66% from the previous trading day. The increase was the largest one-day gain since October 6. December copper futures traded in a range of $3.5195 to $3.5945.

The U.S. dollar index fell 0.62% on Monday, meaning copper priced in U.S. dollars is cheaper for buyers holding other currencies. This undoubtedly increases the attractiveness of copper futures, thus driving up its price.

Industry experts analyze that this rise in copper prices may indicate that commodity prices priced in US dollars will continue to remain strong in the coming period. Due to the dominance of the U.S. dollar in global financial markets, fluctuations in its exchange rate have an important impact on the global economy and financial markets.

The rise in copper futures prices not only reflects the market’s optimistic expectations for global economic recovery, but also reflects investors’ strong demand for U.S. dollar-denominated commodities against the backdrop of the falling U.S. dollar exchange rate.

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