Copper futures settled down on Wednesday as investors booked profits at elevated levels. Meanwhile, near-term outlook for copper demand growth has been clouded by weakness in the world’s top metal consumer China. Although, copper posted the largest annual gain since 2009, fuelled by near-term supply tightness and bets that demand for the metal key in electrification will outpace production.
Copper futures for March delivery fell $0.0995 to settle at $5.6820 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.08% at $12,423 a ton.