Copper futures settled down on Tuesday as investors remained cautious ahead of the Federal Reserve’s policy decision, with markets pricing in better than a one-third chance of a rate hike. Meanwhile, deadly storms in Chile disrupted copper mining in the world’s top producer in the past weeks, added pressure to a market already struggling to meet surging demand from artificial intelligence, electrification and the energy transition.
Copper futures for September delivery fell $0.0195 to settle at $6.3595 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.35% at $13,685 a ton.