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Copper futures settle higher on debt ceiling progress

27 May 2023 Evaluate
Copper futures settled higher on Friday due to progress in the US debt ceiling negotiations, while a dip in the American currency also supported copper prices’ up-move. However, signs of a global economic slowdown and expectations of higher interest rates by US Federal Reserve, limited further gains in red metal prices.

Copper futures for July delivery gained $0.0940 to settle at $3.6820 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 2.17 percent at $8,135 a ton.