Copper hits two-week high on weaker dollar

Bloomberg reports that copper rose more than 1% when trading on London Metal Exchange (LME) resumed for the first time since Thursday. The recent decline in the US dollar pushed base metals up. 

A weaker greenback positively influence industrial commodities, making them more affordable for holders of other currencies. Bloomberg’s gauge of the US dollar touched a 15-month low on Monday during a pause in trading on the LME due to a holiday in the UK.

April turned out to be turbulent for metals as a result of global trade tensions caused by US President Donald Trump's sweeping import duties. The US leader’s tariff policy could weigh on demand for metals. However, the weaker dollar is lending support. 

According to the news agency, copper gained 1.4% on the LME and hit a two-week high of $9,318 per ton. On the Shanghai Exchange, the metal’s price rose 1.3% since Thursday’s close.