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.