Copper Futures rose on Monday after the dollar slipped, which also drove investments into other commodities such as gold and oil.
Copper Futures for March delivery rose 3.5 cents or 1.1 percent to $3.339 a pound on the New York Mercantile Exchange's COMEX division. Copper for delivery in three months ended up $100 to $7,400 a ton on the London Metal Exchange.
The dollar fell to as low as $1.4915 against the euro, reaching the lowest record in seven weeks due to growing worries of an economic recession in the U.S., the second largest consumer of copper.
Regardless of U.S. consumption, climbing demand in China will maintain the levels of copper prices said John Hill, analyst at Citigroup, according to Bloomberg.
On Monday, Grupo Mexico said it could resume normal levels of copper production at its Cananea mine in approximately three months. The Cananea mine was hit by a strike during five months but last Friday the strike was declared illegal.
The lower dollar, pushed precious metals and commodities higher. Gold Futures for February rose $5.70 to $903.40 an ounce on the Comex market. On Monday Gold reached a historical record. Crude oil rose $1.46 to $94.15 a barrel.
Cooper inventories in LME warehouses fell 675 metric tons on Monday at 198,600 metric tons.