Copper futures settled down on Wednesday after data showed China’s copper imports weakened in June reflected weak demand in top importer China, while a firm American currency and surging inventories have also weighed on red metal prices. However, hopes for a rate cut from the Federal Reserve in September limited further falls in prices.
Copper futures for September delivery lost $0.0750 to settle at $3.9520 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.78 percent at $8,769.50 a ton.