Copper futures settled higher on Friday as weak US dollar makes copper cheaper for holders of other currencies. Red metal prices improved further after the Chinese central bank (PBoC) and financial regulators pledged to ensure financing support for the property sector. Moreover, fears over a potential tightening of supplies from mines also supporting copper prices’ uptrend.
Copper futures for December delivery gained $0.0360 to settle at $3.7385 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.57 percent at $8,267 a ton.