Copper futures settle lower on omicron impact concerns

Copper futures settled lower on Tuesday on uncertainty over the impact of the Omicron corona-virus on metal demand and global economic growth. The chief executive of US-based Drug maker Moderna has said that existing Covid-19 vaccines would be less effective against the Omicron variant than they have been against the Delta variant. Moreover, prospect of a faster pace of tightening by the US Federal Reserve too adding pressure on copper prices. However, top consumer China’s factory activity unexpectedly picked up in November, growing for the first time in three months, limited the losses in copper prices.

Copper futures for December delivery fell $0.0590 to settle at $4.2780 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 1.41 percent at $9,442.50 a ton.