Copper futures settled higher on Tuesday, supported by a lower American currency overseas with expectations that the US Federal Reserve would soon begin cutting interest rates. Meanwhile investors are awaiting US inflation numbers due later this week for directional cues. Moreover, supply concerns followed by mine closures and falling stocks in exchange warehouses also supported copper prices’ uptrend.
Copper futures for March delivery gained $0.0460 to settle at $3.8980 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.31 percent at $8,593.50 a ton.