Copper futures settled lower on Monday, even as the US dollar index hovers near ten-week lows with expectations of highest-level inflation in nearly a decade. Meanwhile, the world’s top metal consumer China’s major copper smelters pledged to reduce purchases of mined concentrate this year as the country seeks to curb carbon emissions.
Copper futures for July delivery fell $0.0325 to settle at $4.7160 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.34% at $10,382.00 a ton.