Copper futures settled down more than 22% on Thursday, by far their largest single-day drop on record, following the US President Donald Trump administration's decision to exempt refined copper from a sweeping 50% import tariff that takes effect August 1. Moreover, rise in the US dollar and waning hopes of US Federal Reserves’ interest rate cut in September dampened copper prices.
Copper futures for September delivery dropped $1.2315 to settle at $4.3545 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.90 percent at $9,611 a ton.
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