Copper futures settled down on Tuesday due to weak demand from China, the top consumer of the metal. Moreover, surge in global inventory level and firm US dollar also weighed on copper prices. Meanwhile, investors closely eyed on May’s US jobs report due later this week for directions on Federal Reserve’s interest rate decisions.
Copper futures for July delivery lost $0.1305 to settle at $4.5370 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.95 percent at $9945.00 a ton.