Copper futures settled down on Monday due to global selloff in risk assets, and followed by deteriorating demand outlook in China and the United States -- the world’s top consumers of the metal. Moreover, a weak monthly US jobs report last week and a string of weak earnings reports from large technology firms have also pressurized metal prices. However, weakness in American currency with growing expectations of deeper interest rate cuts by the Federal Reserve starting from September, limited further falls in red metal prices.
Copper futures for September delivery lost $0.1040 to settle at $3.9990 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.84 percent at $8,888.50 a ton.