Copper futures ended higher on Monday as the world’s top metal consumer China cut its bank reserves requirement fuelled hopes for stronger economic growth and demand for industrial metals. However, uncertainties over the impact of the Omicron variant of Covid-19 adding pressure on copper prices and capped its gains. While, firmer dollar makes metals priced in the US currency more expensive for holders of other currencies.
Copper futures for December delivery gained $0.0705 to settle at $4.3370 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 0.92 percent at $9,505 a ton.