Copper futures ended lower on Thursday as the US dollar rose to a 20-year high after the US Federal Reserve hiked interest rates by 50 basis points to cool off rising inflation. A strong dollar makes dollar-denominated metals more expensive for buyers using other currencies. Moreover, ongoing Covid-19 outbreaks in the world’s top metal consumer China also adding further pressure on copper prices.
Copper futures for July delivery lost $0.0465 to settle at $4.2915 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 0.17 percent at $9,489.50 a ton.