Copper futures settled higher on Tuesday on account of improved demand after Chinese GDP grew by 4.5% year on year in the first quarter of 2023 against expectations of 4% growth. Moreover, weak US dollar, falling inventories in LME warehouses and expectations of further economic stimulus from the Chinese government also supported red metal prices’ uptrend.
Copper futures for May delivery gained $0.0255 to settle at $4.0915 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.54 percent at $9,012.50 a ton.