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Copper futures end higher on weak American currency

05 Apr 2024 Evaluate
Copper futures ended higher on Thursday tracking weakness in the American currency and as a surge in unemployment claims reinforced expectations for a June Fed rate cut. Data showed that initial claims for unemployment benefits increased slightly to 221000 for the week ended March 30. A tight supply outlook also supported copper prices’ uptrend.

Copper futures for May delivery gained $0.0550 to settle at $4.2490 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.04 percent at $9,359 a ton.