COMMODITY
Copper futures settle higher on Wednesday
Nov-21-2024
Copper futures settled higher on Wednesday due to improved demand and supply concerns after reports that Peru's copper production decreased by 1.2% in September compared to last year, totalling 232,423 metric tons, while the Peruvian government also cut its 2024 production forecast to 2.8 million tons from an initial 3 million. Copper prices rose further as a cooling of tensions between Russia and the West injected some confidence among investors. Meanwhile, several Federal Reserve officials are expected to speak this week that could provide insights into the future path of interest rates.

Copper futures for December delivery gained 0.27% to settle at $4.1532 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.02 percent at $9,089.50 a ton.
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