Base Metals Preview: COMEX Copper Regains $4.55 Levels

3 Jun 2022 , 09:31 AM

Weakness in dollar further boosted copper to hit its highest level in more than a month on Friday as the metal was already cheering China lifting Lockdown curbs. China officials announced an end to a two-month lockdown and announced a package of 33 measures covering fiscal, financial, investment and industrial policies to revive its pandemic-ravaged economy that is expected to boost demand which was halted for months due to the recent covid-19 outbreak. Copper for delivery in July rose more than 5.5% to $4.55 per pound. Meanwhile, the U.S. dollar currency index, which tracks the greenback against six major currencies, was 0.8% lower at 101.69, on pace to snap a two-day streak of gains. Powered by Commodity Insights