Copper futures traded higher on Monday after China’s pledge to stabilize its Covid-ravaged economy. Moreover, tight global supplies supported red metal prices. However, fears of more interest rate hike in the United States to contain inflation capped further gains in copper prices.
Copper futures for March delivery gained 0.78% or $0.0295 at $3.7910 a pound on the Comex metals division of New York Mercantile Exchange.