Copper drifts toward 9-year high on demand outlook, defies firm dollar

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Reuters
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1613537579610774700
Wed, 2021-02-17 03:47

Benchmark LME copper edged higher on Wednesday, hovering around 2012 highs on optimism about a global economic recovery that bodes well for metals demand, against the backdrop of tightening supply.
Extending its rally into a fourth consecutive session, three-month copper on the London Metal Exchange rose as much as 0.3 percent to $8,432.50 a ton in early trade. It hit $8,437 on Tuesday, its strongest level since May 2012.
Copper, which is often used as a gauge of global economic health, defied a firmer US dollar that usually dampens the appeal of greenback-priced metals.

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