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Copper futures settle higher on weak American currency overseas

02 Dec 2023 Evaluate

Copper futures settled higher on Friday as a weak American currency against major rivals overseas boosted red metal prices. Moreover, concerns about tighter supply following potential shutdown of a large mine in Panama and upbeat data from the world’s top metal consumer China also supported copper prices’ uptrend.

Copper futures for December delivery gained $0.08 to settle at $3.909 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.72 percent at $8,610.50 a ton.