Copper futures traded lower on Tuesday on demand worries over the easing manufacturing activity from world’s top metal consumer China. The red metal prices fell towards six-week lows on Tuesday. Seasonal muted demand during the Lunar New Year holiday in China and wave of domestic Coronavirus infection also makes prices under pressure. However, dip in inventories capped some losses.
Copper futures for March delivery lost $0.0215 to settle at $3.5245 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.28% at $7777.00 a ton.