 Home > Chemicals Industry > New Chemical Materials > London copper ended the day higher, driven by a falling dollar

London copper ended the day higher, driven by a falling dollar

 Last Update: 2022-12-02
 Source: Internet
 Author: User

Tags

american metal exchange

copper sulfate hazards

Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

According to news, London Metal Exchange (LME) copper futures closed higher on Friday, driven
by a sharp weakening of the US dollar.
At 16:00 London time on July 29 (00:00 Beijing time on July 30), three-month copper closed up 0.
58% at $
4,925 a tonne.

Copper period

The Wall Street Journal U.
S.
dollar index fell 1.
13%
at the market close.
A weaker dollar has made dollar-denominated metals cheaper
for overseas buyers.
The dollar weakened
as the US dollar weakened as it reported slower-than-expected economic growth in the second quarter, further weighing on expectations of a rate hike by the Federal Reserve in September.
The U.
S.
government's second-quarter GDP growth rate was only 1.
2% annualized, significantly lower than market expectations, mainly related to the first decline in inventories since 2011, but the increase in consumer spending still provided some support
for the US economy.
In addition, the GDP growth rate for the first quarter was revised down significantly to 0.
8%
today.

Investors are also looking to China's manufacturing PMI data for clues to China's demand growth, with analysts expecting lackluster
growth in July.
Goldman Sachs on Friday released its latest estimates
for base metal prices for 2017 and 2018.
Among them, copper prices are estimated at $4,083 per ton in 2017 and $4,000 per ton in 2018
.
Goldman Sachs said that China's demand momentum in the second half of 2016 will be moderate but still relatively strong, so it is expected that there will be a persistent supply gap
in the metal market in the second half of the year.

This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

Related Products

9,10-Diphenylanthrac

CAS No.: 1499-10-1

$1-1.2/MT FOB

High Quality Polar Solvent 99.99% Ethylene carbonate/Ethylencarbonat/ EC CAS 96-49-1

CAS No.: 96-49-1

Pharmacy Grade

$1-1.2/MT FOB

High quality Fluorescent Brightener CBS-X 98% TOP1 supplier in China

CAS No.: 27344-41-8

Industrial Grade

$3/KG EXW

Hot Tags

united states jobs(223)

jobs united states(236)

1 year treasury(277)

1 year subscription(296)

single use technology(195)

announcements today(81)

ups united states(221)

united states logo(227)

80 20 company(94)

healthy food name(42)

Hot Articles

The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.