Copper futures settled down on Wednesday on a stronger US dollar that makes dollar priced metals expensive to holders of other currencies. Moreover, China’s uneven economic recovery and weakness in demand also pressurising copper prices. Latest government data showed that China’s manufacturing Purchasing Managers Index fell to 48.8 in May from 49.2 in April.
Copper futures for July delivery lost $0.0260 to settle at $3.6370 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.42 percent at $8,089 a ton.