Copper futures settled higher on Thursday after bond yields declined following weaker-than-expected US Q3 GDP data, meanwhile the markets are keenly awaiting clarity on the US Federal Reserve’s interest rate cut decisions. Strong Chinese demand also kept prices firm. Chinese customs data showed that its copper cathode imports grew by 13.5% from October to 378,791 tons. Moreover, expectations of further Chinese economic stimulus measures also supported red metal prices’ uptrend.
Copper futures for March delivery gained $0.0115 to settle at $3.9175 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.15 percent at $8,595.50 a ton.