Copper futures settled higher on Friday as the US dollar weakened against its major peers overseas after new reading from the Federal Reserve’s preferred inflation gauge showed prices increased at a slower pace in May, cementing expectations the US Fed will start cutting interest rates this year. However, concerns about demand in the world’s top metals consumer China, geopolitical tensions in the Middle East, and rising inventories have limited further gains in copper prices.
Copper futures for July delivery gained $0.0620 to settle at $4.3905 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.88 percent at $9,599 a ton.