Copper futures traded higher on Monday due to weaker US dollar. Meanwhile the collapse of Silicon Valley Bank in the United States -- the biggest US bank failure since the 2008 financial crisis fuelled expectations that the US Federal Reserve would take a less aggressive monetary path. Moreover, signs of improving copper demand from the world’s top metal consumer China also supported copper prices’ uptrend.
Copper futures for May delivery gained 0.72% or $0.0290 at $4.0595 a pound on the comex metals division of New York Mercantile Exchange.