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Copper futures settle higher on Tuesday

30 Aug 2023 Evaluate
Copper futures settled higher on Tuesday after the world’s top metal consumer China after PBoC announced guidance on relaxing residential housing loan rules in an effort to boost its struggling housing and stock markets. Meanwhile investors are awaiting surveys of purchasing managers in China's manufacturing sector. Moreover, a weaker US dollar also supported copper prices’ uptrend.

Copper futures for December delivery rose $0.0385 to settle at $3.7945 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.11 percent at $8,448.50 a ton.