Copper Moves Closer to $10,000 Mark as it Consolidates its Gains
Last month, a weak USD and resilient demand helped copper to register four weeks of gains on the London Metal Exchange. As this month gets underway, the red metal is building on those gains and has inched ever so close to the $10,000 per ton price level. The red metal registered gains of 3% in the course of August, and yesterday’s trading on the LME saw it record a 0.3% uptick to reach $9,928. When the dollar weakens, commodities that are sold in dollars usually benefit because traders who hold other currencies see the metals as more affordable. The last…