Copper futures settled higher on Tuesday as weaker-than-expected economic data combined with dovish comments from several Federal Reserve officials spurred expectations that the Federal Reserve will cut interest rates at its policy meeting next month. Data showed that US retail sales rose less than forecast in September, while consumer confidence falling to its lowest level since April. Copper prices improved further after Ukraine reportedly agreed to the terms of a potential peace deal brokered by the United States.
Copper futures for December delivery rose $0.123 to settle at $5.0905 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.42% at $10,818 a ton.