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Copper futures settle down on Monday

15 Oct 2024 Evaluate

Copper futures settled down on Monday due to dampening hope of top consumer China's economic recovery following weak economic data and a lack of detail on stimulus plans. Further, a strong American currency also weighed on red metal prices. Meanwhile, China's unwrought copper imports rose in September to 479,000 tons, up 15.4% from August provided some support to industrial metal prices.

Copper futures for December delivery lost $0.0875 to settle at $4.4060 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.35 percent at $9,659.50 a ton.