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Copper futures settle down on global recession fears

06 Jul 2022 Evaluate

Copper futures settled down on Tuesday as stronger US dollar makes dollar-denominated metals more expensive for buyers using other currencies. Moreover, intensifying fears of a global recession and demand concerns from the top metal consumer China after spike in COVID-19 cases pressurizing red metal prices.

Copper futures for September delivery lost $0.1890 to settle at $ 3.4150 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 4.20 percent at $7670.00 a ton.