Copper futures settled down on Monday as new Covid-19 restrictions in the world’s top metal consumer China after detecting the BA.5 Omicron subvariant dented demand for red metal. Copper prices also pressured by stronger US dollar with expectations that the US Fed will continue to aggressively raise interest rates to tackle soaring inflation.
Copper futures for September delivery fell $0.0915 to settle at $3.4305 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 2.83 percent at $7,584.50 a ton.