Copper futures settled higher on Monday as the US dollar weakened against its major currencies overseas as traders turned their focus to a raft of key US economic data this week for clues on the monetary policy outlook. Copper prices were supported by supply disruptions following the start of a strike at Chile's Mantoverde mine, while expectations of further rate cuts by Fed this year and long-term demand from electric vehicles and AI data centers have also helped copper prices’ up-move. Markets were largely shrugging off the geopolitical risks associated with the recent US military action in Venezuela which resulted in the capture of President Nicolas Maduro.
Copper futures for March delivery rose $0.284 to settle at $5.9755 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 4.19% at $12,991.50 a ton.
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