Copper futures settled down on Monday as a stronger American currency makes copper buying more expensive for holders of other currencies. Moreover, fading prospects of an early interest rate cut in March by the US Federal Reserve following recent upbeat US payrolls data and hawkish comments from the US Fed Chair Jerome Powell also dampened copper sentiments. Persistent concerns over Chinese property sector also kept copper prices bearish.
Copper futures for March delivery fell $0.05 to settle at $3.7715 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.44 percent at $8,359.50 a ton.