Copper futures settled lower on Tuesday amid fears of collapse of Silicon Valley Bank, while uncertainty over the US Federal Reserve’s stance on monetary policy also weighed on the metals market. However, expectations of demand recovery from the world’s top metal consumer China limited further decline in copper prices.
Copper futures for May delivery fell $0.0505 to settle at $4.003 a pound on the comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.09 percent at $8,833.50 a ton.