Copper futures settled down on Wednesday due to a strong American currency and as remarks by the US Fed Governor Christopher Waller dampened expectations for a March interest rate cut. Meanwhile, stronger-than-expected US retail sales data also strengthened the case that Fed rate cuts will not be as imminent as the market expects. Moreover, sluggish economic growth in the world’s top metal consumer, China also weakened copper prices.
Copper futures for March delivery lost $0.0335 to settle at $3.7330 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.04 percent at $8,268 a ton.