Copper futures settled higher on Wednesday led by dollar weakness overseas and worries that potential US tariffs will fuel a global supply squeeze, while weaker-than expected US payroll data cemented expectations that the Fed will cut interest rates at its meeting next week. Moreover, speculation about a potential replacement for the Fed Chair early next year also supported copper prices’ up-move.
Copper futures for March delivery surged $0.146 to settle at $5.3890 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 3.07% at $11,487.50 a ton.