Copper futures settled lower on Friday as the US dollar index held firm against its rivals, making copper costlier for buyers using other currencies. Copper prices further weighed down by demand concerns from the world’s top metal consumer China due to COVID-19 curbs and surging inventories in LME accredited warehouses. Inventories rose 2,500 tonnes to 130,500 tonnes on Thursday, their highest since last October.
Copper futures for May delivery fell $0.1225 to settle at $4.5815 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 1.70 percent at $10,110.00 a ton.