Copper futures settled higher on Wednesday on hopes of more stimulus measures from the world’s top metals consumer China. China has unveiled a plan to cut reserve requirement ratio for banks in a bid to boost its economic growth. Meanwhile, weakening US dollar makes copper more attractive for buyers using other currencies.
Copper futures for March delivery gained $0.0925 to settle at $3.8860 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.87 percent at $8,562.50 a ton.