Copper futures settled down on Thursday as the US dollar strengthened against its major peers after the US Federal Reserve adopted a hawkish tone at the conclusion of its latest meeting. Concerns over high inventory levels also weighed on copper prices. However, softer-than-expected US inflation data bolstered expectations that the Federal Reserve might implement interest rate cuts sooner than anticipated.
Copper futures for July delivery lost $0.0855 to settle at $4.4815 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.51 percent at $9,794.50 a ton.