Copper futures settle down on Monday
Copper futures settled down on Monday after the US President Donald Trump announced that he would increase tariffs on imports from Japan and South Korea to 25% starting August 1, further pressuring key allies to strike trade deals. The president also added that any country aligning with the ‘anti-America’ policies of the Brics group of developing nations will face an additional 10% tariff. Meanwhile, a firm American currency also makes dollar-denominated copper more expensive for overseas buyers.
Copper futures for September delivery declined $0.1155 to settle at $5.0260 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.35 percent at $9,829.50 a ton.
