Copper futures settled down on Tuesday on weak demand following China’s factory activity contraction in July. Moreover, rising inventories in exchange warehouses and strengthening US dollar also weighed on copper prices. However, expectations of end of interest rate hike cycle in the United States limited further fall in copper prices.
Copper futures for September delivery lost $0.0995 to settle at $3.9085 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 2.27 percent at $8,631 a ton.