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Copper futures settle down on demand concerns

16 Aug 2023 Evaluate
Copper futures settled lower on Tuesday, hurt by demand concerns following disappointing Chinese data. Data showed that China's industrial production growth slowed to 3.7% in July. Chinese real estate investments declined for the 17th month in a row in July, while home sales dropped as well amid a growing debt crisis. Moreover, firm American currency also dampened copper prices. 

Copper futures for September delivery lost $0.0580 to settle at $3.6675 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.11 percent at $8,199.50 a ton.