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Copper futures settle higher on strong demand

19 Feb 2021 Evaluate

Copper futures settled higher on Thursday due to strong demand following the return of the world's top metal consumer China from a week long Lunar New Year holiday, while supply is expected to remain tight. Copper prices improved further on hopes for more US fiscal stimulus and that bolstered expectations of a swift global recovery from the Covid-19 pandemic.

Copper futures for March delivery gained $0.0805 to settle at $3.9010 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 1.94% at $8,553 a ton.