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Copper futures settle higher on supply worries

06 Apr 2022 Evaluate

Copper futures settled higher on Tuesday due to worries over supplies from the world’s top copper producer Chile, following reports that Chile's copper production fell by 7.5 percent in February to 394,700 tones. Besides, pressure for more sanctions on Russia also fuelled supply fears. However, strengthening US dollar capped further gains in copper prices.

Copper futures for May delivery gained $0.0135 to settle at $4.7950 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.13 percent at $10,455 a ton.