Copper futures settled higher on Monday on back of improving expectations for demand growth of copper, despite subdued activity on Chinese Lunar new year celebrations. Copper prices improved further on optimism that the US Federal Reserve might slow down the pace of interest rate hikes. A weaker US dollar also supported copper prices’ uptrend.
Copper futures for March delivery gained $0.0050 to settle at $4.2565 a pound on the comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.34 percent at $9,356 a ton.