In today’s market, copper prices experienced a significant increase due to multiple factors. Firstly, the weakening of the dollar has played a crucial role in boosting copper prices. As the dollar loses its strength, commodities like copper become more attractive to investors, leading to an increase in demand and subsequently driving up the prices.
Furthermore, the anticipation of additional stimulus measures in China, the largest consumer of copper, has also contributed to the rise in prices. With the economy rebounding and the government likely to implement further measures to support growth, the demand for copper is expected to surge. However, the upward momentum in copper prices has been somewhat hindered by the increasing inventories. As stockpiles of copper continue to grow, it puts pressure on the prices, limiting their potential gains.
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