Copper futures settled higher on Monday tracking weakness in the US dollar which making dollar-denominated metals less expensive for buyers using other currencies. Further, optimism over easing of some Covid-19 restrictions in China also supported copper prices’ uptrend. Meanwhile, the Chinese central bank has lowered its benchmark reference rate for mortgages by an unexpectedly wide margin to prop up the world’s top consumer China, too added support to copper prices’ uptrend.
Copper futures for July delivery gained $0.0705 to settle at $4.3455 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 1.34 percent at $9,548 a ton.