Copper futures settled higher on Thursday, supported by signs of stabilisation in the Chinese broader economy after profits at industrial companies improved by 10.2% in January and February compared to a year earlier. Meanwhile, the Chinese central bank, PBoC, set the yuan at a much stronger fixing than markets had expected, that could support the purchasing power of Chinese metals buyers. However, inventory buildup in the world's top metals consumer China has limited gains in copper prices.
Copper futures for May delivery gained $0.0070 to settle at $4.0070 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.20 percent at $8,867 a ton.