Copper upstages iron ore’s influence on the Australian dollar
Cecile LefortMarkets reporter
Copper prices have become a bigger influence on the Australian dollar than iron ore because the base metal is increasingly viewed as an indicator of economic growth, particularly in China.
Copper prices soared last week to their highest in 11 months on fears of undersupply after Chinese smelters, which process half of the world’s mined copper, agreed to production cuts to cope with a plunge in processing fees.
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