Copper futures settled higher on Wednesday as the US dollar continued to weak against a basket of leading global currencies, making copper cheaper for holders of other currencies. Moreover, expectations of a pick-up in demand from the world’s top metals consumer China following Beijing’s efforts to prop up the struggling property market and broader economy, also supported copper prices’ uptrend. Although, minutes of the FOMC released yesterday showed that US Federal Reserve officials were in no hurry to cut interest rates.
Copper futures for March delivery gained $0.0075 to settle at $3.8750 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.49 percent at $8,542 a ton.