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Copper futures settle down on Friday

21 May 2022 Evaluate

Copper futures settled down on Friday as mounting fears about the health of the US and global economy dented investors' risk appetite, while a rise in the US dollar also put pressure on copper prices. However, some losses were capped after China’s central bank announced a cut in main interest rates on house mortgages to support the second-largest economy.

Copper futures for July delivery lost $0.0080 to settle at $4.2750 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 0.07 percent at $9,422 a ton.