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Copper futures settle lower on demand concerns

03 May 2023 Evaluate
Copper futures settled lower on Tuesday, driven by demand concerns following weak factory activity in the world's top metals consumer China. Moreover, fears of a recession in Western countries and banking turmoil in the United States also added more pressure on copper prices. While, investors are cautiously awaiting US Federal Reserve's interest rate decision.

Copper futures for July delivery lost $0.0715 to settle at $3.8625 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.95 percent at $8,514 a ton.