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Copper futures settle lower on recession worries

17 Jun 2022 Evaluate

Copper futures settled lower on Thursday due to investor worries about recession ahead after the US Federal Reserve’s large rate hike of 75 basis points, while the Fed also expected to raise interest rates steadily for the rest of 2022. Copper prices weakened further after data showed China’s home prices fell for a ninth month in May.

Copper futures for July delivery lost $0.0555 to settle at $4.1080 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 1.68 percent at $9,074.50 a ton.