Copper futures traded lower on Monday as the US dollar strengthened to new 20-year high, while growing fears of hiking interest rates by the US Federal Reserve and potential global recession also put pressure on copper prices globally. However, concerns over a potential supply crunch following a strike at the world’s largest copper mine Escondida in Chile, supported copper prices.
Copper futures for December delivery lost 1.14% or $0.0380 at $3.3050 a pound on the Comex metals division of New York Mercantile Exchange.