Copper futures settled down on Tuesday as higher inflation triggered concerns that the US Federal Reserve might be more aggressive in interest rate hiking. Moreover, a spike in Covid-19 cases in China’s capital Beijing and global slowdown worries also weighed on sentiment. Meanwhile, a stronger US dollar against its major rivals makes dollar-denominated metals expensive for buyers using other currencies.
Copper futures for July delivery lost $0.0550 to settle at $4.1565 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.68 percent at $9,230.50 a ton.