Copper futures settled higher on Friday after a weaker-than-expected US jobs data for July raised expectations that the Federal Reserve will cut interest rates by 50 basis points in September as the world’s largest economy slows. Meanwhile, a soft US dollar supported copper by making them less expensive for buyers using other currencies. However, signs of weakening demand from top consumer China limited further gains in copper prices.
Copper futures for September delivery gained $0.0205 to settle at $4.1030 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.03 percent at $9,055.50 a ton.