Copper futures settled down on Monday after data showed new bank lending in the world’s top metal consumer China fell more than expected in October, despite Chinese monetary policy support. Besides a stronger American currency also makes copper more expensive for buyers using other currencies. Meanwhile investors are awaiting key US inflation reading later in the week for directional cues.
Copper futures for December delivery lost $0.0775 to settle at $4.2285 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.19 percent at $9,331.50 a ton.