Copper futures settle down as dollar strengthens overseas
Copper futures settled down on Wednesday as the dollar strengthened against its major peers overseas after the US Federal Reserve kept its policy rate unchanged and indicated it will not cut rates until inflation shows signs of easing. Red metal prices also pressured by skyrocketing energy costs, which spiked after hostilities between Israel and Iran reached a breaking point following airstrikes on the South Pars gas field.
Copper futures for May delivery fell $0.173 to settle at $5.5940 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 2.97% at $12,395.50 a ton.
