Copper futures settled down on Tuesday as the US dollar strengthened against its major peers overseas and ahead of US consumer price index data and Federal Reserve Chairman Jerome Powell’s second testimony in front of the House Financial Services Committee, that could provide fresh cues on potential interest rate cuts as data points to a slowing economy. Fed Chair’s testimony delivered before the Senate Banking Committee on Tuesday and stated that inflation is moving toward the Fed’s 2% goal, yet it is not ready to lower borrowing costs. Copper prices weakened further by mixed inflation data from the world’s top consumer China.
Copper futures for September delivery lost $0.0405 to settle at $4.5775 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.46 percent at $9,869 a ton.