Copper futures settled lower on Monday as the US dollar strengthened against its major peers, makes copper more expensive for holders of other currencies. Copper futures weakened further after US Federal Reserve Chair Jerome Powell had signalled the bank has no intention of easing its pace of aggressive interest rate hikes this year, while fears of global economic slowdown also weighed on sentiment. London markets were closed for a holiday.
Copper futures for September delivery lost $0.085 to settle at $3.612 a pound on the Comex metals division of New York Mercantile Exchange.