On Thursday, September 11, at 17:00 London time, LME three-month copper performed strongly, up $38.5, or 0.38%, closing at $10,051.5 per ton, reaching $10,062 during the session, the high since March 26, and broke through the $10,000 mark for the second consecutive trading day.
The copper period jumped to its highest in more than five months, mainly boosted by a weakening of the US dollar. The previously released U.S. inflation data for August only heated up slightly, and the number of initial unemployment claims rose, strengthening market expectations that the Federal Reserve will resume interest rate cuts next week and pushing the US dollar index to fall.
WisdomTree commodity strategist Nitesh Shah believes that the copper market news support has a significant role. On the one hand, the degree of interference of miners' production exceeded expectations; on the other hand, copper mine capital expenditure faces certain constraints in the process of advancing, and its growth trend is difficult to fully keep up with the pace of growth in metal demand. Under the combined effect of these factors, the future trend of copper prices deserves continuous attention.
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