Copper Has Its Best Day Since July on Supply Tightness Bets
- Dollar remains weak amid bets tightening cycle has ended
- Drop in annual copper smelter fees also provides bullishness
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Copper registered its biggest one-day gain since mid-July amid expectations of supply tightening and that the Federal Reserve is done raising interest rates.
The US dollar extended its weakness on Monday as investors added to bets that the Fed’s tightening cycle has ended after a series of US data points showed the world’s biggest economy is slowing. Higher borrowing costs and a strong dollar have been key headwinds for metals in the past two years.