Copper futures settled lower on Friday as US dollar index picked up slightly against its major currencies, making dollar denominated commodities more expensive for investors holding other currencies. Further, profit-taking following a rapid spike in US 10-year Treasury bonds too added pressure on commodity prices, even as several US Federal Reserve officials unanimously declared that there is no need to worry about the rise in US bond yields because it’s only a signal of economic optimism.
Copper futures for May delivery fell $0.1710 to settle at $4.0925 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 3.56% at $9,077.00 a ton.