Copper futures settled marginally higher on Tuesday after Federal Reserve Chair Jerome Powell flagged progress towards bringing down inflation. Meanwhile, markets are now awaiting the minutes of the Fed’s June meeting, which are due on Wednesday. Moreover, possible stimulus measures in the world’s top consumer China and supply shortages have also supported copper prices’ uptrend.
Copper futures for July delivery gained $0.0010 to settle at $4.4190 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.44 percent at $9,672.50 a ton.