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Copper futures settle down on weaker than expected trade data in China

09 Aug 2023 Evaluate
Copper futures settled lower on Tuesday due to concerns over demand from the world's top metals consumer followed by weaker-than-expected Chinese trade data, while the market awaiting inflation readings from China on Wednesday and the US on Thursday, that could influence the US Federal Reserve's monetary policy path. Moreover, a stronger US dollar makes copper more expensive for buyers using other currencies.

Copper futures for September delivery lost $0.0685 to settle at $3.7665 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.62 percent at $8,347.50 a ton.