Copper futures settled higher on Monday due to improving demand from the world’s top metal consumer China. Investors are awaiting more cues on the US interest rates due this week. The minutes of the Fed’s June meeting are due on Wednesday, Key US nonfarm payrolls data for June is due on Friday, and Fed Chair Jerome Powell is set to speak at a European Central Bank conference on Tuesday. However, rising exchange inventories limited further gains in copper prices.
Copper futures for July delivery gained $0.0360 to settle at $4.4265 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.32 percent at $9,630 a ton.