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Copper futures end lower on demand worries

02 Feb 2021 Evaluate

Copper futures ended lower on Monday on worries about demand after data showed manufacturing activity in the world’s biggest metals consumer, China growing at a slower pace in January, with the Caixin/ Markit manufacturing Purchasing Managers' Index (PMI) coming in at 51.5 in January compared to 53.0 in December, while stronger US currency too makes dollar-denominated assets such as copper more expensive for holders of other currencies. However, easing worries over tight liquidity conditions in China capped some losses.

Copper futures for March delivery lost $ 0.0100 to settle at $3.5460 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.73% at $7,798.50 a ton.

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