Copper futures settled down on Wednesday as hotter than expected inflation data in the United States fuelled concerns that cuts to high interest rates would be delayed. Meanwhile, copper was trading in a tight range as markets in the world’s top metals consumer China celebrates the Lunar New Year. However, a weaker American currency makes copper less expensive for buyers using other currencies.
Copper futures for March delivery lost $0.0110 to settle at $3.70 a pound on the Comex metals division of New York Mercantile Exchange. Although, Copper on the London Metal Exchange was down by 0.76 percent at $8,197 a ton.