Copper futures settled down on Tuesday due to weak demand following concerns surrounding the Chinese property sector, while many traders stayed on the sidelines ahead of a long public holiday in the world’s top metal consumer China. Moreover, stronger US dollar, Fed’s higher-for-longer stance on interest rates, and higher inventories in exchange warehouses also dampened copper prices.
Copper futures for December delivery declined $0.0210 to settle at $3.6490 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.67 percent at $8,091 a ton.