Copper futures settle lower on strong US dollar

Copper futures settled lower on Wednesday due to the US dollar rebounding and after the US Fed chair’s statement to continue with interest rate hikes. Further, recent batch of weak economic readings from the world's top metal consumer China also adding pressure on red metal prices. However, expectations of a recovery in metals demand following China’s decision to ease some Covid-19 restrictions, capped further losses in copper prices.

Copper futures for July delivery lost $0.0605 to settle at $4.1785 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 1.4 percent at $9,235 a ton.