Copper futures ended lower on Thursday as global markets reacted to the US Fed’s guidance of interest rate hikes in 2023, which is sooner than expected, while the Fed also increased the excess reserve ratio of the reverse repo last night. Moreover, strengthening US dollar also weighed on copper prices.
Copper futures for July delivery fell $0.2070 to settle at $4.1780 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 3.64 percent at $9,315.50 a ton.