Copper futures prices declined on Tuesday amid profit-taking after hitting a record high on Monday, as investors focused on the risk of future supply disruptions.
Three-month copper futures on the London Metal Exchange (LME) fell 0.25% to $11,224 per ton at 10:40 AM Mecca time, after reaching a high of $11,334 on Monday.
The most actively traded futures contract on the Shanghai Futures Exchange also declined, falling 0.15% to 88,700 yuan ($12,535.30) per ton, after reaching a new record high of 89,920 yuan per ton earlier in the day.
Reuters, citing a Chinese market intelligence source, reported that the country's major copper smelters will cut production by 10% next year to address excess capacity.
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