Copper futures settle lower on profit booking

Copper futures settled lower on Tuesday due to profit booking ahead of the release of the latest FOMC minutes, while rising Brent crude also kept inflationary risks and interest rate concerns in focus. Copper prices weakened further as prospects for a new agreement between the US and Iran dimmed after Trump stated he was not interested in extending the interim peace deal.

Meanwhile, one of the largest ever squeezes in the copper market eased after traders including Trafigura Group made significant deliveries of metal to the London Metal Exchange. Copper futures for September delivery fell $0.1235 to settle at $6.4925 a pound on the Comex metals division of New York Mercantile Exchange.

Copper on the London Metal Exchange was down by 1.21% at $13,986.50 a ton.