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Copper futures settle lower on global slowdown fears

24 Jun 2022 Evaluate

Copper futures settled lower on Thursday, driven by fears of a global slowdown that would reduce demand for industrial metals. Copper prices weakened further after US Fed Chair Powell delivered even hawkish comments on hiking interest rate to curb the inflation.

Copper futures for July delivery lost $0.2050 to settle at $3.7390 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 4.15 percent at $8,409 a ton.