Copper futures settled higher on Tuesday after top metal consumer China slashed mortgage reference rate to prop up its struggling property market and broader economy. Moreover, a weaker US dollar also makes copper less expensive for buyers using other currencies. Meanwhile, all eyes on US Fed’s FOMC meeting minutes to be released today for insights into the timing of the first interest rate cut.
Copper futures for March delivery gained $0.0290 to settle at $3.8675 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.78 percent at $8,500 a ton.