Copper futures settled down on Tuesday as the US dollar strengthened against its major peers overseas amidst US President Donald Trump's latest tariff respite and data showed improving US consumer confidence. Investors are cautiously watching the passage of a spending and tax bill through the US Congress, that is expected to add trillions of dollars of debt. Meanwhile, investors are also awaiting the release of FOMC Minutes and personal consumption expenditures for April for fresh insights into the Federal Reserve’s interest rate outlook.
Copper futures for July delivery lost $0.0965 to settle at $4.74 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.14 percent at $9,596.50 a ton.