Copper prices move up due to increasing demand
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Update time : 2022-08-10 21:53:01
Copper prices were pushed up to one-month highs on Tuesday due to improved demand prospects. Copper Prices hit US$8,020/ton on Monday, the highest level since July 5.
The demand is stronger than previously expected from the US and China due to a lower dollar currency rate. China’s copper imports increased to around 463,700 tons in July, up by 9.3% year on year because the big drop in prices triggered more buying.
The positive views of US jobs growth in July also pushed up expectations of another 75 basis point rate increase in September with the direction of US monetary policy.
Another increase of US rate could also push up the dollar, which made dollar-denominated metals cheaper for holders of other currencies and also raised the copper demand.
