Copper futures ended higher on Thursday after Russian President Vladimir Putin authorised military operations in eastern Ukraine, fuelling fears of stricter sanctions on Moscow, a major metals producer. Russian forces fired missiles at several Ukrainian cities and landed troops on its south coast on Thursday. U.S. President Joe Biden said he would announce further sanctions on Russia, in addition to financial measures imposed this week.
Copper futures for March delivery surged $0.0480 or 1.08% at $4.5040 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 0.2 percent at $9,887 a ton.