Forex
Copper Prices Drift Higher on Weakening US Dollar Index
The LME copper price rose 1.3% overnight to settle at $13,978.5/mt, while the SHFE copper price climbed 0.75% to close at 105,560 yuan/mt.
The US dollar index fell after Japan and the US jointly intervened in the currency market to curb yen depreciation, causing the USD/JPY to plunge, which lent support to copper prices.
Copper supply side arrivals improved slightly, easing the tight supply situation, but demand remained weak due to the traditional consumption off-season and high copper prices.
Total inventories fell 7,400 mt from the same period last year, with copper stocks in major Chinese markets increasing by 2,700 mt WoW to 111,900 mt as of Thursday, July 30.