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Copper futures trade lower on rate hike fears

25 Apr 2022 Evaluate

Copper futures trading lower on Monday after US Federal Reserve Chairman Jerome Powell indicated that the Fed was preparing a half-point interest rate hike at its May meeting, with more to come. Further, strengthening US dollar also makes copper less attractive for buyers holding other currencies. While, demand concerns from the world’s top metal consumer China also adding pressure on red metal prices.

Copper futures for May delivery fell $0.0390 or 0.85% at $4.5425 a pound on the Comex metals division of New York Mercantile Exchange.