Copper futures settled higher on Tuesday as speculators enlarged their positions ahead of US Producer Price Index data due on Wednesday for more cues on the Federal Reserve's interest rate path. However, some gains were limited after a hotter than expected June Consumer Price Index (CPI) report reduced the probability of a September Fed rate cut and caution amid 50% tariffs on copper imports that will take effect on August 1st.
Copper futures for September delivery gained $0.027 to settle at $5.5775 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.28 percent at $9,645.50 a ton.