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Copper futures settle down as US dollar strengthens

01 Oct 2024 Evaluate

Copper futures settled down on Monday as the US dollar strengthened against its major peers after US Federal Reserve Chair Jerome Powell signalled he was in no hurry to make further interest rate cuts. Copper prices weakened further by profit booking after gains on series of stimulus measures in the world’s top metals consumer China.

Copper futures for December delivery fell $0.0465 to settle at $4.5530 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.54 percent at $9,829 a ton.