Copper futures traded higher on Monday as the world’s top metal consumer China halved the stamp duty on stock transactions effective Monday in the latest attempt to boost its struggling economy. Moreover, higher demand expectations from China in line with seasonal strength in consumption also supported copper prices’ uptrend. Although. a firm US dollar amid prospects of further interest rate hikes by the US Federal Reserve limited further gains in copper prices.
Copper futures for September delivery gained 0.45% or $0.0170 at $3.7790 a pound on the Comex metals division of New York Mercantile Exchange.