Copper futures traded lower on Tuesday due to concerns about hawkish tone from the US Federal Reserve to cool persistently higher inflation. Further, resurgence of Covid infections in world’s top metal consumer China increased the concerns about metal demand. China reported steep jump in daily corona-virus cases on Tuesday, with new cases more than doubling from a day earlier to hit a two-year high.
Copper futures for May delivery fell $0.0100 to settle at $4.5130 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.31 percent at $ 9,904.00 a ton.