Copper futures settled higher on Tuesday after Chile announced the permanent closure of copper mining stopes connected to a giant sinkhole in the northern part of the country. However, strong dollar with expectations of further US interest rate hikes and global recession fears also continuing to pressure copper prices downward.
Copper futures for December delivery gained $0.0315 to settle at $3.4620 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 0.23 percent at $7,596 a ton.