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Copper futures settle higher despite worst US inflation data

14 Jul 2022 Evaluate
Copper futures settled higher on Wednesday even after worst US inflation data bolstered the case for another big Federal Reserve interest rate hike. The US Consumer Price Index soared by 9.1 percent YoY in June, much worse than the 8.8 percent expected. However, strong US dollar capped further gains in copper prices.

Copper futures for September delivery gained $0.0345 to settle at $3.3225 a pound on the Comex metals division of New York Mercantile Exchange. Although, Copper on the London Metal Exchange was down 0.39 percent at $7,325.50 a ton.