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Copper futures trade higher on tight supply

29 Apr 2024 Evaluate

Copper futures trading higher on Monday on account of weak global supply of copper ore & concentrate due to closure of the big Cobre Panama mine in December. Further, improved manufacturing activity in the worlds’ largest economies like the US & China also raised the demand for the industrial metal. Meanwhile, BHP Group's bid $39 billion for Anglo American also influenced the copper prices. 

Copper futures for July delivery gained 0.56% or $0.0255 at $4.5995 a pound on the Comex metals division of New York Mercantile Exchange.