Copper reaches two-week high as weak dollar boosts metals

Copper gained more than 1% after trading on the London Metal Exchange resumed for the first time since Thursday, as base metals benefited from the recent dollar rout.

A softer US currency can be positive for industrial commodities because it makes products cheaper for buyers in other currencies. Bloomberg’s gauge of the dollar dropped to a 15-month low on Monday, when the LME was on the second of a two-day trading pause for a UK holiday.

Metals have had a turbulent April amid global trade turmoil unleashed by US President Donald Trump’s sweeping import tariffs. While that threatens economic growth — and demand for metals — the dollar weakness is lending support.

Copper gained as much as 1.4% to touch $9,318 a ton before trading at $9,298 at 9:36 a.m. Shanghai time, while aluminum and zinc also rose more than 1%. On the Shanghai Futures Exchange, copper fell 0.5%, but was up about 1.3% since Thursday’s close.