Copper futures settle down on weakening demand in China
Copper futures settled down on Tuesday driven by weakening physical demand in China with Yangshan import premiums, a key indicator of Chinese copper consumption, hit its lowest levels since mid-2024. Besides, a significant surge in global exchange inventories also dampened copper prices. Meanwhile, investors are cautious ahead of the latest Federal Reserve policy decision. The Fed is widely expected to keep interest rates unchanged, with traders are closely watching for guidance from the US Fed Chair Jerome Powell on how oil market volatility could shape the policy outlook.
Copper futures for May delivery fell $0.0645 to settle at $5.7670 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.63% at $12,775 a ton.
