Copper futures settled lower on Thursday as Brent crude oil futures rose to $100/barrel for the first time since May, following claims by Yemen's Tehran-backed Houthi militant group of attacks on two Saudi Arabian tankers in the Red Sea. This escalation fueled concerns about an expansion of the Middle East conflict, renewed inflation fears, and strengthened expectations for higher interest rates. Meanwhile, the stronger US dollar also made copper more expensive for international buyers, which reduced global demand sentiment and puts downward pressure on prices.
Copper futures for September delivery fell $0.15 to settle at $6.3435 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.55% at $13,594.50 a ton.