Copper futures settled higher on Wednesday tracking weakness in the US dollar overseas after the US Mar ISM services index unexpectedly declined and after the Mar ISM services price paid sub-index dropped more than expected to a 4-year low. Copper prices improved further after Fed Chair Powell reiterated that it would likely be appropriate for the Fed to lower interest rates ‘at some point this year’. A tight supply outlook also supported copper prices’ uptrend.
Copper futures for May delivery gained $0.1235 to settle at $4.1940 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 3.02 percent at $9,262.50 a ton.