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Copper futures settled down on demand concerns

18 Jul 2024 Evaluate

Copper futures settled down on Wednesday due to concerns over demand in top metals consumer China and rising inventories in global warehouses. Meanwhile investors were awaiting the outcome of the Chinese ruling Communist Party's Third plenum due to end on Thursday. However, losses were limited by weakness in the American currency at overseas markets.

Copper futures for September delivery lost $0.0410 to settle at $4.4085 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.29 percent at $9,635 a ton.