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Copper futures finish higher on rising demand

24 Aug 2024 Evaluate
Copper futures finished higher on Friday due to rising demand as weaker US dollar makes copper cheaper to holders of other currencies. Copper prices improved further as comments by US Federal Reserve Chair Jerome Powell at Jackson Hole signalled the central bank was preparing to cut interest rates. Moreover, declining inventories has also supported prices’ up-move.

Copper futures for September delivery gained $0.0530 to settle at $4.2010 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.73 percent at $9,288.50 a ton.