Copper futures were trading down on Tuesday as the American currency lingered near a two-week high, that makes copper more expensive for holders of other currencies. Meanwhile investors are cautiously awaiting the US August payrolls report due on Friday to gauge the size of the Federal Reserve’s expected interest rate cut this month. Moreover, rising inventories and weak demand in China, have also pressurizing red metal prices to some extent.
Copper futures for September delivery lost by $0.0460 or 1.11% at $4.0990 a pound on the Comex metals division of New York Mercantile Exchange.