Copper futures settled higher on Thursday as the US dollar weakened against its major peers overseas after downside surprises on US economic data this week cemented bets of more Federal Reserve interest rate cuts this year. Reports showed that the US producer price index unexpectedly fell by 0.5% in April and missed the 0.2% increase forecast, while US retail sales growth slowed in April as consumers pulled back on spending amid tariff concerns.
Copper futures for July delivery gained $0.033 to settle at $4.6835 a pound on the Comex metals division of New York Mercantile Exchange. Although, Copper on the London Metal Exchange was down by 0.31 percent at $9,577 a ton.