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Copper futures end higher on weaker dollar

05 May 2022 Evaluate

Copper futures ended higher on Wednesday as the US dollar weakened against its rivals after the US Federal Reserve monetary policy decision. The US Federal Reserve raised its benchmark interest rate by 50 basis points, the biggest hike in interest rates in two decades, and also noted that it will begin reducing asset holdings on its $9 trillion balance sheet starting from June.

Copper futures for July delivery gained $0.0550 to settle at $4.3380 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 0.67 percent at $9,473.50 a ton.