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Copper futures settle lower on Fed’s hawkish statements

23 Mar 2022 Evaluate

Copper futures settled lower on Tuesday following hawkish statements by US Federal Reserve Chairman Jerome Powell on Monday. Powell said the Federal Reserve would continue to hike interest rates until inflation comes under control. Meanwhile, demand concerns amid fears of resurging Covid infections in the world’s top metal consumer China also influenced copper prices.

Copper futures for May delivery declined $0.0105 to settle at $4.70 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.26 percent at $10,268 a ton.