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Copper futures settle lower on global recession fears

22 Jul 2022 Evaluate
Copper futures settled lower on Thursday as US housing starts in June fell to their lowest level since September 2021 amid decades-high inflation, fueled fears about a global recession. Further, strict Covid-19 restrictions in China, the world’s top metal consumer also weighed on red metal prices. 

Copper futures for September delivery lost $0.0265 to settle at $3.2985 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.76 percent at $7,322 a ton.