Copper futures settled lower on Wednesday as investors waited for a speech by the Federal Reserve chairman Jerome Powell at the Jackson Hole economic symposium in Wyoming on Friday for fresh clues on how aggressive the Fed would be in its battle against inflation. Moreover, worsening real estate crisis in China, the world’s top metal consumer, also adding pressure on copper prices.
Copper futures for September delivery lost $0.0515 to settle at $3.644 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 1.05 percent at $8,034.50 a ton.