Copper futures settled higher on Wednesday tracking weakness in the American currency against major peers overseas after data showed US consumer prices rose less than expected in April, that raised expectations the US Federal Reserve would cut interest rates two times this year. Copper prices improved further amid strengthening demand and mounting concerns over inadequate supply globally.
Copper futures for July delivery gained $0.0295 to settle at $4.9245 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 $10,219 a ton.