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Copper futures settle higher on Thursday

02 Jun 2023 Evaluate

Copper futures settled higher on Thursday tracking an unexpected growth in factory activity in the world’s top metal consumer China. Caixin/S&P Global manufacturing purchasing managers' index rose to 50.9 in May from April's 49.5, according to a private survey. Meanwhile, a vote of approval from the US House of Representatives to suspend the debt ceiling also added support to copper prices’ uptrend.

Copper futures for July delivery gained $0.0740 to settle at $3.7110 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.91 percent at $8,243.50 a ton.