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Copper futures settle down on strong dollar

20 Dec 2024 Evaluate
Copper futures settled down on Thursday as the American currency hovered near its two year high after the US Federal Reserve signalled a much slower monetary policy easing trajectory in 2025, while an unexpected upward revision to third-quarter US GDP, a dip in jobless claims and an upside surprise in existing home sales showed resilience in the US economy and weakening the need for imminent rate cuts. Moreover, looming US tariffs on Chinese goods and uncertainties surrounding China's demand outlook continued to pressure copper prices.

Copper futures for March delivery lost $0.08 to settle at $4.0770 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.61 percent at $8,883 a ton.

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