Copper futures settled down on Monday due to weak demand outlook in the world’s top metal consumer China ahead of Chinese Lunar New Year holiday in February. Meanwhile, investors are also cautious ahead of a slew of major central bank meetings including the Bank of Japan and the European Central Bank. Although, China’s state-owned banks move to support the yuan by selling the dollar, limited further falls in copper prices.
Copper futures for March delivery lost $0.0230 to settle at $3.7635 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.07 percent at $8,345.50 a ton.