Copper futures settled lower on Monday as dollar strengthened against its major peers along with rising US Treasury yields following anticipation that the US Federal Reserve will stay on its path of interest rate hikes in 2022. Moreover, concerns over slowdown in the global economic recovery and demand outlook for commodities and metals following rapid spread of the Omicron coronavirus cases across the world also weighed sentiments. However, an easing of policy in the world’s top metal consumer China, which could provide a short-term boost to copper prices and capped further fall in it.
Copper futures for March delivery fell $0.0420 to settle at $4.4215 a pound on the Comex metals division of New York Mercantile Exchange.