Copper futures settled lower on Monday amid growing expectations that the US Federal Reserve will hike its policy rate by 25 basis points this week, following stronger-than-expected US inflation data. Copper prices were weakened further by reports that the United States was hesitating on refined copper tariffs due to intense industry lobbying and worries that higher costs would heavily burden domestic manufacturing. A stronger US dollar also made copper more expensive for overseas buyers.
Copper futures for December delivery fell $0.1435 to settle at $6.4045 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.68% at $14,001 a ton.