Copper futures settled lower on Tuesday as weak Chinese factory inflation data dampened demand for the industrial metal. Copper prices weakened further by expectations of another 75 bps interest rate hikes in the US Federal Reserve’s September meeting. Although, weakness in the US dollar capped further fall in prices.
Copper futures for September delivery lost $0.0010 to settle at $3.5855 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.06 percent at $7,983 a ton.