Copper futures fell for a second straight day on Wednesday as a labor strike in Chile ended and speculation that higher prices will reduce demand from China rose.

Copper declined as consumption in China slipped 1.3 percent in January and imports declined 19 percent in the first three months of the year compared to the same period a year ago.

Copper futures for delivery on July ended 4.45 cents or 1.15 percent to $3.8340 a pound on the Comex division of the New York Mercantile Exchange today.

The metal rose to a record high of $4.2605 at the beginning of May as a strike at Chile's Codelco, the largest producer of copper in the world, halted production and investors speculate supplies may be tight.

However on May 5 workers voted to put an end to the strike which lasted 20 days sending the red metal below $4 a pound.

Supporting prices today, crude oil rose to a record above $123 a barrel and the U.S dollar gain strength making base metals more expensive for foreign investors.

Also today gold fell on dollar gains and the speculation that rising inflation could prompt the U.S Federal reserve to increase interest rates.

Affected by the U.S. currency, copper for delivery in three months was trading at $8,430 a metric ton on the London Metal Exchange today.