Copper futures settle down on Monday
Copper futures settled down on Monday due to rising global inventories, which reached their highest levels since 2003, and weakening near-term demand signals from the world’s top metal consumer China. Moreover, fresh uncertainty over US trade policy after the Supreme Court struck down emergency tariffs and a new 15% tariff proposal followed, has also dampened copper prices. However, some falls were limited by a weaker US dollar along with expectations for higher trading volumes this week as Chinese markets are set to reopen Tuesday after the extended Lunar New Year holiday.
Copper futures for March delivery fell $0.0585 to settle at $5.7805 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.74% at $12,868.50 a ton.
