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Copper futures end higher despite rebound in US dollar

29 May 2021 Evaluate

Copper futures ended higher on Friday, even as US dollar rebounded against its rivals, following the US GDP data showed that recovery was back on track in the world’s largest economy. US President Joe Biden unveiled a budget proposal of 6 trillion US dollars for fiscal year 2022, which includes his costly initiatives already announced, including the American Jobs Plan and American Families Plan. Moreover, possible labour strikes in Escondida and Spence copper mines in Chile along with potential supply concerns also boosted up red metal prices.

Copper futures for July delivery gained $0.0145 to settle at $4.6775 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 0.36 percent at $10,258 a ton.