MoneyWorks4Me

Copper futures settle higher on improved demand

26 May 2023 Evaluate
Copper futures settled higher on Thursday on improved demand after China's central bank PBoC continued to inject funds into the financial system through open market operations. The PBoC said it has conducted 7 billion yuan of seven-day reverse repos at an interest rate of 2%. Although, US debt ceiling uncertainty and a string of weak economic readings from major economies limited further gains in copper prices.

Copper futures for July delivery gained $0.0265 to settle at $3.5880 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.77 percent at $7,962.50 a ton.

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