COMMODITY
Copper futures settle higher on slightly weaker US dollar
Aug-09-2022
Copper futures settled higher on Monday due to a slightly weaker US dollar ahead of inflation data due Wednesday for more clues about the Federal Reserve's next steps, which makes dollar-priced metals cheaper for holders of other currencies. Meanwhile, China’s copper imports rose to 463,693 tones in July, up 9.3 percent from a year earlier, also supported copper prices’ uptrend. Although, some gains were capped by news that the chairman of the Fed in San Francisco said the interest rate might be raised by 50 basis points next time.

Copper futures for September delivery gained $0.0345 to settle at $3.5865 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 1.49 percent at $7,987.50 a ton.
  RELATED NEWS >>