Copper futures settled higher on Tuesday, supported by potential demand growth from the energy transition sectors and supply concerns in the global markets. Meanwhile, hopes for a rate cut from the Federal Reserve in September also supporting copper prices’ uptrend. However, the upside was limited by dollar strength, fears of a US recession and weak demand in top consumer China.
Copper futures for September delivery gained $0.0280 to settle at $4.0270 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.45 percent at $8,928.50 a ton.