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Copper futures settle higher on Monday

31 Oct 2023 Evaluate
Copper futures settled higher on Monday due to supportive economic measures implemented by the world’s top metal consumer China. Chinese lawmakers had approved 1 trillion yuan worth of bonds for disaster recovery and infrastructure improvements. Moreover, lower inventories and firm demand also supported copper prices’ uptrend. However, concerns over potential for additional US Federal Reserve interest rate hikes limited further gains in copper prices.

Copper futures for December delivery gained $0.0125 to settle at $3.6585 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.51 percent at $8,140.50 a ton.