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Copper futures end lower as dollar accelerates to new 20-year high

13 May 2022 Evaluate

Copper futures ended lower on Thursday as the US dollar accelerated to a new 20-year high against a basket of major peers that making dollar-denominated metals costlier for buyers with other currencies. High inflation in the world’s largest economy and concerns about aggressive interest rate hikes by the Federal Reserve also adding pressure on copper prices.

Copper futures for July delivery lost $0.1085 to settle at $4.1005 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 2.68 percent at $9,090 a ton.