Copper futures settled higher on Wednesday tracking weakness in the American currency after the US Federal Reserve held interest rates steady in the 5.25%-5.5% range that was set a year ago, while leaving the door open to reducing borrowing costs as soon as its next meeting in September. Copper prices improved further after China’s leaders pledged increased support measures to stabilize market confidence at a Politburo meeting.
Copper futures for September delivery gained $0.0925 to settle at $4.1765 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 2.82 percent at $9,225 a ton.