Copper prices rose during the US session, offsetting the positive stability of the dollar index near the lowest level in nine months according to the inverse relationship between them after the developments and economic data that followed Friday the US economy, the world's largest economy and the Chinese economy, which accounts for about 40 percent of global demand For refined copper.
At 02:29 GMT, copper prices rose 0.30% to currently trade at $ 270.35 per pound compared to the opening at $ 269.55 per pound, while the dollar index rose for the first time in four sessions by 0.08% to 95.71 compared to the opening at 97.63.
US personal income and spending data for May showed personal income growth accelerated to 0.4% from April and expectations of 0.3%, while personal spending data showed a slowdown in growth to 0.1% in line with expectations. Against 0.4%. Amid a look to reveal the final reading of the index of consumer confidence, which may come little change from the previous preliminary reading.
In contrast, we followed the Chinese economy, the world's second-largest economy and the second largest industrial nation after the United States, to release the industrial and service PMI for June, which showed the industrial sector expanded to 51.7 versus 51.2 in May, unlike Expectations that the breadth narrowed to 51.0 and the service sector expanded to 54.9 versus 54.5 last month.
Cooper have using so often in Chinese economy, which is the second-largest economy. The production is way more than the us
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