Copper futures settled down on Tuesday after ratings agency Moody's cut its outlook on China's government credit ratings to negative. Further, firm American currency makes copper more expensive for holders of other currencies. Moreover, concerns about rising exchange inventories also dampened copper prices. Although, supply disruptions in the Cobre mine in Panama limited further falls in copper prices.
Copper futures for December delivery lost $0.0480 to settle at $3.7725 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.29 percent at $8,334.50 a ton.