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Copper futures settle higher on easing banking turmoil worries

29 Mar 2023 Evaluate
Copper futures settled higher on Tuesday due to easing worries over turmoil in the global banking sector after reports that First Citizens Bank & Trust will acquire the assets of Silicon Valley Bank, which collapsed earlier this month. Meanwhile, a weak US dollar makes copper cheaper for buyers with other currencies.

Copper futures for May delivery gained $0.0070 to settle at $4.0855 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.16 percent at $8,978 a ton.