Copper futures settled down on Tuesday as Chinese interest rate cut failed to lift copper prices on a lack of stimulus measures expected to kickstart the country’s lumbering economic recovery. A firmer dollar also weighed on demand as it makes copper more expensive for buyers holding other currencies. Meanwhile, investors are cautiously awaiting US Federal Reserve Chair Jerome Powell's testimonies for clues on the interest rate path ahead.
Copper futures for July delivery lost $0.0055 to settle at $3.8835 a pound on the Comex metals division of New York Mercantile Exchange.