Copper futures settled higher on Tuesday tracking weak US dollar overseas after an unexpected increase in US producer prices in April, while the US Federal Reserve is likely to cut its key interest rate twice this year starting in September. Moreover, China’s recent stimulus measures, including bonds issues and lifting home purchase restrictions in some major cities, have also helped copper prices’ uptrend.
Copper futures for July delivery gained $0.1290 to settle at $4.8950 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.70 percent at $10,114 a ton.