Copper futures settled down on Wednesday after data showing contraction in manufacturing activity in the world’s top metal consumer China. Rising geopolitical tensions also adding pressure on copper prices. Meanwhile, US Federal Reserve has hinted that interest rate cuts are not imminent. However, some losses were limited after data showed another drop in exchange inventories of the industrial metal.
Copper futures for March delivery fell $0.0050 to settle at $3.9060 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.08 percent at $8,608.50 a ton.