Copper futures settled down on Friday as the US dollar strengthened against its major peers overseas after the University of Michigan US May consumer sentiment index unexpectedly declined to three-year low. Also, the University of Michigan US May inflation expectations unexpectedly soared to multi-decade highs, a hawkish factor for Fed policy. However, increasing hopes for a potential rate cut by the US Federal Reserve limited further falls in copper prices.
Copper futures for July delivery lost $0.09 to settle at $4.5935 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 $9,447.50 a ton.