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Copper futures end higher as dollar shrank to fresh two-month low

13 Jan 2022 Evaluate

Copper futures ended higher on Wednesday as the US dollar shrank to a fresh two-month low against its peers after data showed US consumer prices rose solidly in December, but in line with expectations. Further, renewed supply fears as inventories wane too added support to copper prices. Copper prices improved further after comments from US Federal Reserve chief Powell at the hearing that the Fed has not decided on dialling back the $9 trillion balance sheet, and he was not eager to imply an interest rate hike in March either like other hawkish officers.

Copper futures for March delivery gained $0.1475 to settle at $4.5765 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 3.54 percent at $10,064 a ton.

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