Copper futures ended lower on Monday, as fears about higher freight cost go down after the salvage crews had managed to move the container ship. The container ship blocking Egypt’s Suez Canal for nearly a week has been partially refloated on yesterday. Moreover, Stronger US dollar and higher inventory level in LME warehouses, also added downward pressure on copper prices.
Copper futures for May delivery lost $0.0335 to settle at $4.0345 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 1.08% at $8865.00 a ton.