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Copper futures settle higher despite weak Chinese data

16 Jul 2022 Evaluate

Copper futures settled higher on Friday even after worse-than-anticipated economic data in top metals consumer China fuelled the fears over prospects of lower demand of the red metal. As per the official data of National Bureau of Statistics, economic growth in China slowed sharply in the second quarter, plunging to 0.4 per cent, the lowest in two years. However, stronger US dollar and worries about aggressive rate hikes by federal reserve capped further gains in copper prices.

Copper futures for September delivery gained $0.0225 to settle at $3.2340 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 0.29 percent at $7,190.50 a ton.