Copper futures settled higher on Thursday as a weaker US dollar makes copper less expensive for holders of other currencies. Meanwhile, markets eyeing to commentary from the US Federal Reserve officials for clues on the timeline for interest rate cut. Moreover, decline of inventories in exchange warehouses also supported copper prices’ uptrend. Although trading activity is muted as China celebrates the Lunar New Year.
Copper futures for March delivery gained $0.0580 to settle at $3.7580 a pound on the Comex metals division of New York Mercantile Exchange. Although, Copper on the London Metal Exchange was up by 1.43 percent at $8,314 a ton.