Copper futures settled down on Monday on weak demand following sluggish economic data from the world’s top metal consumer China, while Chinese traders trimmed long positions ahead of the Lunar New Year holiday. Data showed that Chinese manufacturing activity contracted unexpectedly in January, while Chinese industrial profits fell for a third consecutive year in 2024. Moreover, worries about US President Donald Trump's proposed tariffs also made investors nervous and weighed on industrial metal prices. Meanwhile, investors are focusing on the US Federal Reserve's upcoming policy meeting for signals on interest rate directions.
Copper futures for March delivery lost $0.0895 to settle at $4.2315 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.95 percent at $9,095 a ton.