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Copper futures end higher on Friday

07 Nov 2020 Evaluate

Copper futures ended higher on Friday as US Democratic presidential candidate Joe Biden edged closer to winning the White House. Moreover, weak US dollar boosts metal demand as it makes it cheaper for buyers using other currencies. Meanwhile, US first-time filings for jobless benefits also missed expectations, falling by 7,000 to a seasonally adjusted 751,000 for the week ending on October 31, added some pressure on copper prices and capped its gain.

Copper futures for December delivery gained $0.0440 to settle at $3.1540 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 1.37% at $6,946.50 a ton.