Copper futures settle down on profit taking
Copper futures settled down on Wednesday as profit taking emerged after the recent rally driven by tight supply expectations and tariff-related concerns. Copper prices also pressured by firm American currency against its major peers overseas and ahead of the release of key US jobs data this week that could provide clues on the timing of the Federal Reserve's next rate cut. However, China’s central bank PBoC on Tuesday said that it plans to lower the reserve requirement ratio and cut key policy rates this year to ensure ample liquidity and maintain an accommodative monetary stance, has kept supportive the overall demand outlook for the red metal.
Copper futures for March delivery rose $0.2015 to settle at $5.8605 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 2.56% at $12,899.50 a ton.
