Copper futures settled lower on Monday, driven by strong US dollar which makes dollar-denominated copper more expensive for foreign buyers. Moreover, weak demand and fears of potential recession also dampened copper prices. Meanwhile, climbing inventories in LME registered warehouses also sparked a sell-off.
Copper futures for December delivery lost $0.0485 to settle at $3.2945 a pound on the Comex metals division of New York Mercantile Exchange. However, Copper on the London Metal Exchange was down 1.23 percent at $7,341.50 a ton.