Copper futures settle down on Tuesday
Copper futures settled down on Tuesday as escalating conflict involving Iran triggered a surge in the American currency and heightened safety concerns, while fears of high energy-driven inflation has reduced expectations for near-term interest rate cuts from the Federal Reserve. Market participants are now turning their attention to China’s upcoming National People’s Congress meetings, where key economic targets and the 15th Five-Year Plan will be outlined, potentially offering fresh demand cues. Moreover, rising global inventories has also dampened copper prices.
Copper futures for March delivery fell $0.122 to settle at $5.8260 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 1.17% at $12,955 a ton.
