Copper futures settled down on Monday as the US dollar strengthening against most major rivals that makes copper costlier to holders of other currencies, despite optimism about US debt ceiling extension. Moreover, weak demand from the world’s top metal consumer China, rising supplies and climbing warehouse inventories adding more pressure on copper prices.
Copper futures for July delivery lost $0.0470 to settle at $3.6850 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.50 percent at $8,127.50 a ton.