Copper upstages iron ore’s influence on the Australian dollar

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Treasurer Jim Chalmers has also warned that falling iron ore prices would be a drag on the federal government’s budget. He noted that the Australian dollar had been more responsive to copper, even though Australia was not a big exporter of the metal. Rodrigo Catril, a senior FX strategist at National Australia Bank, echoed the thought. “The Australian dollar tends to have a stronger and more stable relationship with copper, which tends to be a good barometer of global growth and manufacturing activity.” The copper market had already been roiled after First Quantum Minerals shut its Cobre Panama site late...