Copper futures settled higher on Wednesday, even as the American currency held gains against its major peers overseas after the US Federal Reserve overnight kept its interest rates steady at a target range of 3.5% to 3.75%. Copper is being supported by recurring supply tightness and robust industrial demand, particularly driven by the global transition to renewable energy and artificial intelligence.
Copper futures for March delivery rose $0.0635 to settle at $5.9250 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.62% at $13,086.50 a ton.