Copper futures settled higher on Friday, supported by falling exchange inventories and expectations of more economic support from the Chinese government. Moreover, weaker than expected US retail sales report revived expectations for an interest rate cut from the US central bank in June and lifted risk appetite globally. Meanwhile, a weaker American currency also makes copper less expensive for holders of other currencies.
Copper futures for March delivery gained $0.0805 to settle at $3.8385 a pound on the Comex metals division of New York Mercantile Exchange. Although, Copper on the London Metal Exchange was up by 2.1 percent at $8,489 a ton.