Copper futures settled higher on Monday after China sought to soothe concerns over financial distress facing China’s property sector. However, the European Central Bank raised the interest rate by 50 basis points, higher than the expected 25 bps interest rate hike, added some pressure on copper and capped further gains.
Copper futures for September delivery gained $0.0050 to settle at $3.3545 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 0.36 percent at $7,479 a ton.