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Copper futures settle higher on robust Chinese demand

01 Jan 2022 Evaluate

Copper futures settled higher on Friday on robust demand from top metal consumer China following releases of Chinese December official manufacturing and non-manufacturing PMI readings in line with market expectations, which indicating quicker recovering in industry and services businesses. Moreover, a drop in US initial jobless claims and surging oil prices also boosted industrial metal prices.

Copper futures for March delivery gained $0.0710 to settle at $4.4635 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 0.3 percent at $9,720.50 a ton.