Copper futures settled higher on Monday as weaker dollar makes copper cheaper for holders of other currencies. Moreover, drop in inventories also supported copper prices’ uptrend. However, smaller-than-anticipated rate cut and an ongoing real estate crisis in China, limited further gains in copper prices. Meanwhile, investors are eagerly awaiting US Federal Reserve's Jackson Hole symposium later this week with expectations that Fed could keep interest rates higher for longer.
Copper futures for September delivery gained $0.0125 to settle at $3.7185 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.41 percent at $8,274.50 a ton.