Copper futures settled down on Monday due to sluggish demand expectations after top consumer China reported its worst industrial profit numbers since the pandemic, while a meeting of China’s top legislative body from November 4-8 will be closely watched for any approval of fiscal stimulus to revive the slowing economy. Moreover, firm American currency at overseas markets has also added pressure to copper prices.
Copper futures for December delivery lost $0.0080 to settle at $4.3625 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.64 percent at $9,541.50 a ton.