Copper futures settled down on Monday amid weak demand outlook of the red metal after industrial data from world’s top metal consumer China. Latest data showed May industrial output growth slowed to 5.6%, missing a forecast of 6%. Moreover, jump in copper inventories at LME registered warehouses also dented the market sentiments.
Copper futures for July delivery lost $0.0475 to settle at $4.4475 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.78 percent at $9665.50 a ton.