COMMODITY
Copper futures settle higher on demand hopes
May-18-2022

Copper futures settled higher on Tuesday due to hopes of higher demand after Shanghai set out plans for ending Covid-19 lockdown that has lasted more than six weeks. Further, US dollar extended its fall from a 20-year high against its major peers also supported copper prices’ uptrend. However, some gains were capped with increased market caution after the Fed's Powell stated if inflation does not fall back, the Fed will continue to raise rates until it does.

Copper futures for July delivery gained $0.0475 to settle at $4.2390 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 1.38 percent at $9,366 a ton.

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