Copper futures settled down on Monday as weak demand prospects from the world’s top metal consumer China after the reports that Chinese economy grew much slower than expected in the second quarter. Moreover, rising inventories and firmer dollar also added pressure on metal prices. However, Federal Reserve Chair Jerome Powell’s dovish comments fuelled expectations for an interest rate cut in September limited further falls in red metal prices.
Copper futures for September delivery lost $0.0665 to settle at $4.5265 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.72 percent at $9,806 a ton.