Copper futures traded lower on Monday, driven by caution ahead of the US Federal Reserve’s two-day monetary policy meeting with expectations that the Fed will hike interest rates by at least 75 basis points this week. Copper prices weakened further on demand concerns after data showed that Chinese manufacturing activity unexpectedly shrank in October pointed to more woes for the world's largest copper consumer.
Copper futures for December delivery lost 0.58% or $0.02 at $3.409 a pound on the Comex metals division of New York Mercantile Exchange.