Copper futures settled lower on Tuesday amid fears of potential recession globally. Meanwhile, Goldman Sachs Group has cut its near-term price forecasts for copper in anticipation of a sharp slump in consumer spending and industrial activity as Europe’s energy crisis deepens. Strong US dollar ahead of US inflation data also adding more pressure on copper prices.
Copper futures for September delivery fell $0.1425 to settle at $3.2880 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 3.04 percent at $7,354 a ton.