Copper futures settled higher on Wednesday tracking weakness in the American currency at overseas markets after a slew of softer than expected US economic data bolstered expectations that the US Federal Reserve will likely start cutting interest rates later this year. Meanwhile investors were awaiting minutes from the Fed’s latest policy meeting to gauge future interest rate cuts. Moreover, signs of firmer copper demand from the world’s top metals consumer China and supply shortages have also supported copper prices’ uptrend.
Copper futures for September delivery gained $0.1145 to settle at $4.5335 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 2.02 percent at $9,868 a ton.