Copper futures settled higher on Tuesday, supported by optimism over an economic recovery in the world’s top metal consumer China. The Chinese central bank PBoC held its benchmark mortgage rates at historical lows this week. However, some gains were capped by a firmer US dollar, which makes copper more expensive for holders of other currencies.
Copper futures for March delivery gained $0.1170 to settle at $4.2255 a pound on the comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.65 percent at $9,200.50 a ton.