Copper futures settled higher on Wednesday ahead of the US consumer price data for January, which is expected to record the fastest growth in 40 years. Meanwhile, two US Fed officials disagreed with raising interest rates by 50 basis points in March and indicated that three or four interest rate hikes are suitable for the whole year of 2022, which eased market expectations for Fed rate hikes and lifted copper prices.
Copper futures for March delivery gained $0.1415 to settle at $4.6025 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 2.84 percent at $10,059 a ton.