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Copper prices rose to an 11-month high after Chinese smelters agreed to production cuts in response to a plunge in processing fees. Copper has become a stronger driver of the Australian dollar than iron ore, as it is seen as a signal of Chinese economic growth.
Copper strength reflects expectations of Chinese industrial demand and supply tightness, which can support the Australian dollar. The link to grain and feed markets is indirect.
afr.comCecile LefortMar 17, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
