Copper futures settled down on Tuesday due to profit-taking after recent highs, while higher inventories in the US and signs of softening demand in the world’s top metal consumer China have also weighed on red metal prices. Traders are cautiously eyeing the delayed US PCE inflation report due later this week that could provide more clues on the Federal Reserve's interest rate path. However, some falls were limited as weaker US dollar makes copper cheaper for buyers using other currencies.
Copper futures for March delivery fell $0.0185 to settle at $5.8125 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.64 % at $12,753.50 a ton.