Copper futures settled lower on Thursday due to growing concerns over the US Federal Reserve's hawkish commentary on US monetary policy, which could push the US economy into a recession. Surging Covid-19 infections in the world’s top metal consumer China also weighed on red metal prices. But still the red metal is expected to benefit from an eventual reopening of China's economy next year.
Copper futures for March delivery lost $0.1150 to settle at $3.7630 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 2.62 percent at $8,293.50 a ton.