Copper futures ended higher on Thursday tracking weakness in the American currency and as a surge in unemployment claims reinforced expectations for a June Fed rate cut. Data showed that initial claims for unemployment benefits increased slightly to 221000 for the week ended March 30. A tight supply outlook also supported copper prices’ uptrend.
Copper futures for May delivery gained $0.0550 to settle at $4.2490 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.04 percent at $9,359 a ton.