Copper futures traded unchanged with positive momentum on Monday tracking a muted US dollar against most major currencies overseas. US Fed Chair Powell sounded more confident about cutting rates in coming months in his Congressional testimony last week. Meanwhile, investors are also awaiting key US inflation data later this week which could provide more cues on the outlook for US Federal Reserve’s monetary policy. Moreover, lower inventories and tight supplies also helped copper prices to trade higher.
Copper futures for May delivery gained 0.04% or $0.0015 at $3.8930 a pound on the Comex metals division of New York Mercantile Exchange.