Copper futures were trading higher on Monday tracking weakness in American currency in the global market, which makes copper more affordable for buyers using other currencies. Moreover, decreased inventories in the world’s top metal consumer China, bets on Fed’s interest rate cuts, and fading fears of a US recession following a batch of strong data last week have also supported copper sentiments. Meanwhile, investors are awaiting FOMC minutes and Fed Chair Jerome Powell's speech for future direction.
Copper futures for September delivery gained by $0.03 or 0.72% at $4.1735 a pound on the Comex metals division of New York Mercantile Exchange.