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Copper futures settle higher on weak dollar

07 Mar 2024 Evaluate

Copper futures settled higher on Wednesday as a weak US dollar makes copper cheaper for holders of other currencies. Copper prices supported further on shortage of inventories at LME-registered warehouses. Although, lack of policy support from the world’s top metals consumer China limited further gains in copper prices.

Copper futures for May delivery rose $0.0280 to settle at $3.8750 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.01 percent at $8,577.00 a ton.