Copper futures settled down on Wednesday, driven by an economic and demand slowdown in the world’s top metal consumer China. Copper buying also slowed ahead of a long public holiday in China. Meanwhile, comments from US Federal Reserve officials reaffirmed expectations that the Fed may not cut rates soon. Although, a weak US dollar overseas makes copper cheaper for buyers using other currencies.
Copper futures for March delivery fell $0.0455 to settle at $3.7355 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.07 percent at $8,312 a ton.