Copper’s price has seen a big rise today, now sitting at $3.90.
This comes right after the release of the United States inflation numbers for the month of June! Which we can see directly correlate with this price increase.
The Consumer Price Index grew at an annual rate of 3%, the Labor Department said on Wednesday, with inflation increasing 0.2% on a monthly basis.
Inflation has now cooled off in June to its slowest pace in more than two years.
This news has caused copper along with other nonferrous metals like aluminum and lead to see a big increase on the day.
This is also supported by a weakening dollar to the Chinese yuan over the past few days.
We will keep you updated on all this metal market news as we get more info!