Copper futures settled down on Thursday on uncertainty over plans by Chinese smelters to cut output at some loss-making plants. Moreover, firm US dollar and lacklustre demand in the world’s top metals consumer have also dampened sentiments. Copper prices weakened further by a hotter-than-expected US producer price data, that dented hopes for an imminent interest rate cut by the US Federal Reserve.
Copper futures for May delivery fell $0.0145 to settle at $4.0455 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.44 percent at $8,887.50 a ton.