Copper futures settled higher on Thursday due to supply worries as a powerful workers’ union’s strike at the Escondida mine in Chile, the world’s largest copper mine, entered its third day. Moreover, fresh US inflation data reassured investors that the Federal Reserve would start cutting interest rates next month, also supported red metal prices’ up-move. However, some gains were limited by firm American currency at overseas markets.
Copper futures for September delivery gained $0.1110 to settle at $4.1510 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 2.01 percent at $9,148.50 a ton.