Copper futures settled higher on Tuesday, supported by a weaker US dollar overseas. Moreover, firm demand following efforts by China to stabilize its slumping stock market and reduced metal inventory also supported red metal prices’ uptrend. However, fading prospects of an early interest rate cut in March by the US Federal Reserve limited further gains in copper prices.
Copper futures for March delivery gained $0.0095 to settle at $3.7810 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.51 percent at $8,402 a ton.