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Copper futures settle up on weaker American currency overseas

08 Nov 2024 Evaluate
Copper futures settled higher on Thursday due to weaker American currency overseas after US Federal Reserve Chair Jerome Powell failed to offer any clues that the central bank was likely to pause interest rate cuts in the near-term following a widely anticipated 25 basis point reduction. Besides, investors are focusing towards more fiscal stimulus in the world’s top metal consumer China. However, some gains were limited by market worries about higher tariffs on Chinese goods following Donald Trump's win in the US presidential election.

Copper futures for December delivery gained $0.1855 to settle at $4.4315 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 3.44 percent at $9,664 a ton.