Copper futures settled higher on Wednesday tracking a soft US dollar overseas after the release of US economic data. Data showed that US consumer spending increased slightly more than expected in October, suggesting the economy retained much of its solid growth momentum early in the fourth quarter, but progress on lowering inflation appears to have stalled in recent months. Moreover, speculation over potential Chinese stimulus to mitigate economic risks and counter US tariff pressures has also supported copper prices’ up-move.
Copper futures for March delivery gained 1.11% to settle at $4.1435 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.22 percent at $9,020 a ton.