Copper Prices Rebound: Soft Dollar and Short-Covering Fuel Demand
Copper prices rose on Thursday, supported by a softer dollar and short-covering.
Dollar Weakness Boosts Copper Demand
A decline in the US dollar index boosted copper prices.
Short-Covering Drives Copper Price Gains
Short-covering activities driven by speculators contributed to copper price gains.
Key Market Data:
- Copper prices rose 1.8% to $7,504.50 per tonne
- US dollar index fell 0.2% to 105.53
- Gold prices remained steady at $2,650.74 an ounce
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Additional Sections:
Market Outlook:
- Soft dollar and short-covering signal a bullish market outlook for copper.
- Traders should consider long-term trading strategies.
Trading Strategy:
- Consider buying copper futures on dips.
- Monitor gold and silver prices for potential buy opportunities.