Copper futures settled higher on Wednesday due to firm demand globally with expectations of interest rate cuts by the US Federal Reserve next year. Meanwhile, the world’s top metal consumer China’s customs data showed that its copper cathode imports grew by 13.5% from October to 378,791 tons. Although, a strong US dollar makes copper more expensive for buyers using other currencies.
Copper futures for March delivery gained $0.008 to settle at $3.906 a pound on the Comex metals division of New York Mercantile Exchange. However, Copper on the London Metal Exchange was down by 0.13 percent at $8,582.50 a ton.