Copper hits record highs amid a weakening dollar and the situation in Chile
Copper prices have reached a new high. At the time of writing Comex rose 1.15% to $4.3870/lb. Earlier in the morning they were at $4.3943, which was a record high for the last decade. The rise in copper comes amid a weakening dollar - its index dropped to its lowest since early March (90,720), losing 0.12%. More lower exchange rate boosts demand for commodities because it is more advantageous for investors using foreign currencies, allowing them to purchase more. At the end of the first quarter, the dollar was up 3.7%. According to Goldman Sachs, its value was inflated by 11%. In addition to the dynamics of the dollar, the rise in copper prices was helped by events taking place in Chile. According to The Wall Street Journal, Chilean port workers called a strike, which threatening the supply of copper - the country is an active exporter of of the metal, which accounts for about 25 percent of the world's supply.