Copper futures traded higher on Monday after US Fed Chairman Powell’s dovish stance at the Jackson Hole meeting last week pushed the dollar index to a two-week low against its rivals, makes copper less expensive in other currencies for overseas buyers. Further, recovery in Chinese demand and steep decline in inventories also supporting red metal prices.
Copper futures for September delivery gained $0.0260 or 0.6% to $4.3445 a pound on the Comex metals division of New York Mercantile Exchange.