Copper futures settled lower on Wednesday as the US dollar strengthened against a basket of major currencies overseas, fuelled by mounting expectations of further Federal Reserve interest rate hikes. A stronger US dollar makes dollar-priced metals like copper more expensive for international buyers. Moreover, renewed uncertainty surrounding the US-Iran diplomatic process and a rise in US Treasury yields, also kept copper under pressure.
Copper futures for December delivery fell $0.0825 to settle at $6.7535 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.88% at $14,618 a ton.
