Copper futures settled higher on Tuesday as US dollar weakened after Softer-than-expected US Retail Sales boosted the case for Federal Reserve rate cuts later this year. Copper prices gained further after the New York Federal Reserve President John Williams said interest rates will come down gradually over time. Although some gains were limited by concerns over demand from the world’s top metal consumer China.
Copper futures for July delivery gained $0.0430 to settle at $4.4905 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.06 percent at $9,671.50 a ton.