The price of industrial metal %Copper is marching higher as the U.S. dollar continues to weaken.
The U.S. dollar, or greenback as it is known, is currently at a 15-month low. A softer dollar makes commodities cheaper for buyers using other currencies, increasing demand.
On the London Metals Exchange, the price of copper has risen to $4.91 U.S. per pound and is now up 22% on the year.
While industrial metals have faced a turbulent April amid global trade uncertainty and import tariffs, demand for copper has largely remained strong.
Analysts say that while global trade tensions, notably between the U.S. and China, threaten economic growth and metal demand, a weaker U.S. dollar is providing some support.
The slumping American dollar is offsetting some of the demand concerns and helping to keep prices buoyant.
There are also some signs of growing demand for copper in China as authorities in Beijing rollout fiscal stimulus measures to boost the nation’s economy in the wake of U.S. tariffs.
Elsewhere, copper remains in high demand for industrial purposes and electronics, including the ongoing buildout of %ArtificialIntelligence (A.I.) data centres.
Copper miners report steady production this year, underpinned by largely resilient global demand.
