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Copper futures settle higher on demand optimism

08 Feb 2023 Evaluate
Copper futures settled higher on Tuesday amid optimism over demand recovery in the world’s top metal consumer China. Further, a weaker US dollar and less hawkish comments from US Fed Chair Jerome Powell also boosted copper’s outlook. Moreover, supply disruptions from major producers in Latin America and Africa also supported red metal prices’ uptrend.

Copper futures for March delivery gained $0.0455 to settle at $4.0805 a pound on the comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.6 percent at $8,925 a ton.