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Copper futures settle higher on tight supplies

22 Jun 2023 Evaluate

Copper futures settled higher on Wednesday, supported by tightening supplies before a long weekend in the world’s top metal consumer China. However, some gains were capped by the US Federal Reserve Chair Jerome Powell’s testimony where he is expected further interest rate hikes this year because the fight against inflation is not over yet. 

Copper futures for July delivery gained $0.03 to settle at $3.9135 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.64 percent at $8,602.50 a ton.