Copper makes gains on weak dollar, global prospects

Monday, November 28, 2016

The price of copper resumed its upward trend on Monday in London on the back of a weaker US dollar and ongoing positive sentiment towards commodities and other riskier investments.

Spot copper closed up 1.94% at US$5,935/t (US$2.692/lb) on the London Metal Exchange from Friday's US$5,822.50/t, according to Chile's state copper commission Cochilco.

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The Wall Street Journal Dollar Index, which measures the greenback against a basket of 16 currencies, was down 0.21% to 91.64 on Monday afternoon.

The positive sentiment has been fueled by better-than-expected economic figures out of China, as well as by speculation over the infrastructure plans of US president-elect Donald Trump.

Aluminum closed 0.9% higher on Monday at US$1,766.50/t, while lead was up 7.1% to US$2,466/t and nickel rose 1.9% to US$11,680/t. Zinc was 5.1% higher at US$2,907/t, while tin was up 0.4% to US$21,350/t, and molybdenum steady at US$15,250/t.