Copper futures settled lower on Wednesday as traders monitored the latest Middle East hostilities, which led Brent oil futures to settle at a six-week high and fanned inflation worries. Both the United States and Iran signalled that a resumption of peace talks is unlikely in the near term despite ongoing mediation efforts. Meanwhile investors also awaited next week's US Federal Reserve policy meeting for further direction on interest rates.
Copper futures for September delivery fell $0.059 to settle at $6.4935 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.55% at $13,808 a ton.