Copper futures settle down on Friday
Copper futures settled down on Friday, tracking a broad selloff across risk assets as the deepening war in the Middle East and surging energy costs stoked concerns about inflation and global growth. Furthermore, a stronger US dollar made copper more expensive for international buyers, reducing demand and exerting downward pressure on prices. Soft demand from top consumer China and a significant surge in global exchange inventories have dampened copper prices.
Copper futures for May delivery fell $0.0945 to settle at $5.3745 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.79% at $11,929.50 a ton.
