Copper futures traded lower on Tuesday, amid concerns that China, the world’s largest industrial metals consumer might curtail its buying due to president joe Biden's US tax hike. The Biden administration is considering a sweeping set of tax hikes to fund its upcoming $3 trillion infrastructure and jobs spending proposals. Moreover, a new wave of COVID-19 infection in Europe and a stronger US dollar, too weighed on the red metal prices.
Copper futures for May delivery lost $0.0560 to settle at $3.9785 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 1.03% at $8773.50 a ton.