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Copper futures settle higher on muted US dollar
Aug-13-2024
Copper futures settled higher on Monday, supported by muted US dollar and improving demand from the world’s top metal consumer China. Copper prices also gained after news that a subsidiary of Chinese copper giant Jiangxi Copper Co shut its Shandong plant, which produced more than 200,000 tons of copper last year, after a fatal copper furnace accident. Traders are awaiting critical US inflation and Retail Sales reports with Fed commentary that could affect the likelihood of rate cuts in September, while China due to release its urban investment and loans data this week.

Copper futures for September delivery gained $0.0755 to settle at $4.0685 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.8 percent at $9,026.50 a ton. 

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