Copper futures settled lower on Thursday as US housing starts in June fell to their lowest level since September 2021 amid decades-high inflation, fueled fears about a global recession. Further, strict Covid-19 restrictions in China, the world’s top metal consumer also weighed on red metal prices.
Copper futures for September delivery lost $0.0265 to settle at $3.2985 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.76 percent at $7,322 a ton.