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Copper futures end lower on profit booking

27 Oct 2020 Evaluate

Copper futures ended lower on Monday due to profit booking amid the US recently reported a record-breaking number of new corona virus cases. Copper prices weakened further on uncertainty about a stimulus deal, which could dim the outlook for the US economic recovery. Moreover, strong US dollar makes copper priced in the American currency more expensive for buyers using other currencies.

Copper futures for December delivery fell $0.0395 to settle at $3.0895 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 1.26% at $6,781 a ton.