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Copper futures settle higher on supply worries

11 Mar 2022 Evaluate

Copper futures settled higher on Thursday on account of lingering worries of supply constraints from top producer Russia amid Ukraine-Russia war. Further, lower inventories of metal also provided upward momentum to its prices. However, upside remained capped as stronger-than-expected US inflation data that fuelled worries about a more aggressive policy tightening by the US Federal Reserve. Data showed that US consumer prices rose to 7.9% year-on-year in February.

Copper futures for May delivery gained $ 0.0800 to settle at $4.6525 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 1.15 percent at $10,117 a ton.

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