Copper ends the week with strong growth

According to trading data, copper prices show a steady rise on Friday, ending the week with a 7% increase. The asset is supported by positive expectations regarding demand in China and the weakening of the US dollar after the release of inflation data. 

The current copper quote is $4.1860 per pound. Since the beginning of the week, copper has risen by 6.7%, which could be the strongest weekly increase since late October-early November, when copper rose in price by 7.5%. 

In general, almost all metals are showing growth: on the London Metal Exchange, the cost of a ton of copper for delivery in three months increased by 0.68% to $9187, aluminum – by 1.53% to $2548.5, zinc – by 0.89% to $3235.5.

Since the beginning of the week, copper has been supported by expectations about demand in China, where the authorities decided to ease the quarantine. Since January 8, as part of the mitigation of anti-cancer measures, Beijing has completely abolished quarantine and tests for visitors from abroad. And since China is the largest consumer of copper, forecasts for the country's economy are reflected in demand expectations.

In addition, the weakening of the US dollar caused by inflation statistics had an impact on price dynamics. According to recent data, annual inflation in the United States in December is expected to slow down to 6.5% (from 7.1% in November). As a result, the dollar fell by almost 1% against the euro, and by 2.5% against the yen, which had a positive impact on the cost of commodities.