Copper futures settled higher on Wednesday as the US dollar weakened against its major peers overnight. Copper prices improved further after the US reported slower-than-estimated inflation figures from May and the US Federal Reserve concluded its two-day policy meeting by leaving interest rates unchanged. However, some gains were limited by demand worries from the world’s top metal consumer China following rising exchange inventories in warehouses.
Copper futures for July delivery gained $0.0570 to settle at $4.5670 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.9 percent at $9,944.50 a ton.