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Copper futures settle down on weak demand ahead of Chinese trade data

12 Jul 2024 Evaluate

Copper futures settled down on Thursday due to weak demand ahead of trade data from the world’s top metal consumer China, while rising inventories also dampened copper prices. However, some losses were limited as the US dollar weakened against its major peers overseas after softer-than-expected US consumer price index inflation data bolstered hopes for Federal Reserve rate cuts.

Copper futures for September delivery lost $0.1020 to settle at $4.5065 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.20 percent at $9,786.50 a ton.