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Copper futures settle down on strong dollar

12 Dec 2024 Evaluate
Copper futures settled down on Wednesday as strengthened dollar makes copper more expensive for holders of other currencies, while investors awaiting the conclusion of a key policy meeting in China where leaders are expected to map out next year’s economic priorities. Sentiments weakened further even as US CPI data cemented the market's view that the US Federal Reserve will cut interest rates next week. Moreover, reports of potential yuan devaluation by the Chinese government in response to US tariff threats, also adding pressure on metal prices. 

Copper futures for March delivery lost $0.0085 to settle at $4.2635 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.27 percent at $9,192 a ton.

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