Copper futures settled higher on Tuesday due to expectations of higher demand after the Chinese central bank PBoC lowered a short-term lending rate for the first time in 10 months to support a slowing economic recovery in the country. Moreover, subdued US dollar and expectations of rate hike pause by the US Federal Reserve also supported red metal prices’ uptrend.
Copper futures for July delivery gained $0.0790 to settle at $3.8310 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.80 percent at $8,460 a ton.