NEW DELHI- Copper prices in London hit a more than two-week high on Tuesday, tracking a sharp fall in the dollar as US President Donald Trump’s ramped-up criticism of the Federal Reserve chairman shook investor confidence in the US economy.
The benchmark three-month copper on the London Metal Exchange (LME) added 1.2 percent to $9,298 per metric ton. It briefly hit $9,333 per metric ton, the highest since April 4.
The LME resumed trade after a two-day break for Easter.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) rose 0.9 percent to 77,120 yuan ($10,549.64) per metric ton.
The dollar sagged close to the decade-low hit on Monday against the Swiss franc and edged back towards a 3-1/2-year trough versus the euro.
A weaker dollar makes greenback-priced commodities cheaper for buyers holding other currencies.
Trump ramped up his criticism of Fed Chair Jerome Powell on Monday in a Truth Social post, calling him a “major loser” and demanding that he lower interest rates “NOW” or risk an economic slowdown.
“The crisis of confidence in US markets is deepening as Trump’s policies shake up, possibly break, the global economic order,” said Kyle Rodda, senior financial market analyst at Capital.com.
