Copper futures settled higher on Monday as good demand and slowdown in inventory build-up lifted red metal prices. Canadian miner First Quantum Minerals said last week it had suspended ore processing operations at a key Panamanian copper mine, while copper supplies from Indonesia, Peru, Chile are facing disruptions as well. Moreover, a weak US currency makes dollar-priced industrial metals cheaper for holders of other currencies.
Copper futures for May delivery gained $0.0580 to settle at $4.0110 a pound on the comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.98 percent at $8,802 a ton.