Copper futures settled down on Tuesday as weak reading on the US manufacturing sector fuelled recession fears in the United States, while uncertainty about the pace of the Fed’s interest rate cuts weighed on the markets. Investors are cautiously awaiting US payrolls report due Friday. Moreover, demand concerns in line with fresh signs of economic weakness in top consumer China also dampened sentiments.
Copper futures for September delivery lost $0.1130 to settle at $4.0320 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 2.49 percent at $8,954.50 a ton.