Copper futures settled down on Wednesday as the US dollar strengthened against its major peers with prospect that US interest rates might stay higher for longer. A stronger dollar kept pressure on copper by making them more expensive for buyers using other currencies. Concerns over demand in the world’s top metals consumer China, and rising inventories also dampened sentiments. However, tight copper mine supply limited further falls in copper prices.
Copper futures for July delivery lost $0.0075 to settle at $4.37 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.32 percent at $9,540 a ton.