Copper futures settled down on Thursday driven by waning appetite from Chinese buyers ahead of the Lunar New Year holidays. Moreover, a stronger US dollar coupled with rising inventories at major trading hubs in Shanghai, London, and New York have also added pressure on copper prices. A stronger dollar makes dollar-denominated copper more expensive for international buyers, further suppressed global demand.
Copper futures for March delivery fell $0.029 to settle at $5.8210 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.08% at $12,903 a ton.