Copper futures ended lower on Friday as concerns over slowing global economic growth amid policy tightening by central banks dampened investor sentiment. Copper prices weakened further as the global copper market is expected to see a surplus of 142,000 tons this year and of 352,000 tons in 2023, the International Copper Study Group said. Moreover, strengthening of US dollar makes dollar-denominated copper more expensive for buyers using other currencies. 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 $0.0245 to settle at $4.2670 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.79 percent at $9,414.50 a ton.