Copper futures settled higher on Tuesday as the dollar weakened against major rivals after some US Federal Reserve policymakers expressed caution about how many interest rate hikes would follow an expected first one in March, which making copper cheaper for buyers outside the United States. Copper prices improved further after data showed strong factory activity in Europe and Japan. But thin trading volumes continues as markets in the world’s top metals consumer China were closed for the week-long Lunar New Year holiday.
Copper futures for March delivery gained $0.1095 to settle at $4.4340 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 2 percent at $9,696.50 a ton.