Copper futures settled lower on Monday due to demand worries following a manufacturing slowdown in the world’s top metals consumer China. Further, recent hawkish comments from Fed officials on the pace of future interest rate hikes also dented copper demand. Meanwhile, investors are waiting for Fed Chair Jerome Powell’s address to the Jackson Hole Symposium this Friday. Although, sliding inventories provided some support and capped further fall in prices.
Copper futures for September delivery lost $0.013 to settle at $3.6515 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.64 percent at $8,027 a ton.