FX.co ★ Copper Holds Near 4-Week High Amid Weaker Dollar

Copper futures held steady above $4.80 per pound on Monday, maintaining close proximity to their four-week peak, following a nearly 4% surge in the previous trading session. This upward momentum was bolstered by a weakening U.S. dollar, which faced pressure from investor apprehensions regarding President Donald Trump's erratic trade strategies, which have undermined confidence in U.S. assets. Recently, Trump threatened to impose a 50% tariff on the European Union, a move he later postponed, and hinted at a potential 25% tariff on imported iPhones that are not manufactured domestically, further adding to the uncertainty surrounding trade policies. Nevertheless, despite the recent price gains, investors exercised caution due to indications of abundant supply. The International Copper Study Group has recently doubled its forecast for this year’s surplus to nearly 300,000 tonnes, attributing this to robust ore production from South America.