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Copper futures settle higher on hopes of improved demand from China

29 Apr 2023 Evaluate
Copper futures settled higher on Friday, led on hopes of improved demand as the Chinese government vowed to boost growth in the world's top metals consumer. Moreover, reduced copper inventories in warehouses monitored by the Shanghai Futures Exchange also supported copper price’ up-move. However, fears of a recession and renewed US banking sector woes limited further gains in copper prices.

Copper futures for July delivery gained $0.0065 to settle at $3.8905 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.10 percent at $8,595.50 a ton.