Copper futures settled higher on Wednesday as the US dollar weakened against its major peers overseas due to growing expectations of a Federal Reserve rate cut next month after a spate of weaker economic data. Moreover, persistent supply concerns following the suspension of a mine in the world’s top producer Chile also supported copper prices’ up-move.
Copper futures for September delivery gained $0.027 to settle at $4.4130 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.39 percent at $9,676 a ton.