Copper futures traded higher on Friday as traders are awaiting US nonfarm payrolls data to gauge the trajectory of the Federal Reserve's potential interest rate cuts. Meanwhile, a weaker dollar makes copper less expensive for buyers using other currencies. Moreover, signs of firmer copper demand from the world’s top metals consumer China and supply shortages have also supported copper prices’ uptrend. The US stock market was closed yesterday for Independence Day.
Copper futures for September delivery gained 0.95% or $0.0430 at $4.5765 a pound on the Comex metals division of New York Mercantile Exchange.