Copper futures settled higher on Thursday, as dollar weakened, which makes dollar-denominated commodities cheaper to purchase for holders of currencies. Additionally, anticipation of Federal Reserve interest rate cut nearly by 105 basis points by year-end also lent support to copper prices. Although, some gains were limited on rising inventories and slowing demand from top consumer China.
Copper futures for September delivery gained $0.0070 to settle at $3.9590 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 29 percent at $ 8,794.50 a ton.