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Copper futures trade lower on Fed interest rate hike bets

26 Nov 2021 Evaluate

Copper futures traded lower on Friday as several US central bank officials indicating they would be willing to raise interest rates sooner than anticipated. Further, a newly identified corona variant in South Africa has also pressurising copper prices. However, some losses were capped by the world’s top metal consumer China’s efforts to bolster its cash-strapped property sector. The US market was closed on Thursday for the Thanksgiving holiday.

Copper futures for December delivery fell $0.0525 or 1.18% to $4.4065 a pound on the Comex metals division of New York Mercantile Exchange.

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