Copper futures settled higher on Thursday, closer to an all-time high reached last May, as the United States continues a probe into potential new tariffs on copper imports. US President Donald Trump's 25% tariffs on steel and aluminium products took effect last week. Some gains were limited by firm dollar against a basket of major currencies overseas after the Federal Reserve indicated it was in no rush to cut rates further this year.
Copper futures for May delivery rose $0.012 to settle at $5.1120 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down by 0.51 percent at $9,936.50 a ton.