Copper futures settled higher on Tuesday as the US dollar weakened against other major currencies ahead of the US PCE price index data- the Fed’s preferred inflation gauge due this week, which might provide insights on size of a likely September rate cut. Further, declining metal inventories and signs of improving demand from the world’s top metal consumer China have also bolstered copper sentiments.
Copper futures for September delivery gained $0.0190 to settle at $4.2375 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.72 percent at $9,448 a ton.