Copper futures settled higher on Monday as investors expect deepening supply shortages in markets, while a short squeeze on the New York futures market this month also supporting red metal prices’ up-move. Meanwhile, investors are awaiting further clues on the path of US interest rates in the wake of cautious comments from US Federal Reserve officials.
Copper futures for July delivery gained $0.0290 to settle at $5.0790 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 2.07 percent at $10,889 a ton.