Copper futures trade lower on demand concerns
Copper futures traded lower on Tuesday, as the prices weighed down and hit 17-month low due to renewed Covid-19 Curbs in China, the world’s biggest buyer of metals raised the demand concerns. Copper prices weakened further on fears over global recession and surging inventories in LME accredited warehouses. Inventories jumped 10,100 tonnes to 136,950 tonnes.
Copper futures for September delivery lost $ 0.0385 or 1.07% at $ 3.5655 a pound on the Comex metals division of New York Mercantile Exchange.