Copper futures settled higher on Tuesday, as crude oil prices eased after US military leaders and officials affirmed that a fragile ceasefire with Iran remains in effect. Despite recent exchanges of fire and reports of Iranian drone and missile attacks on UAE infrastructure, US officials indicated the truce is holding following US Navy works to secure passage through the Strait of Hormuz. Although, trading volumes were notably thin as Chinese markets remained closed for the Labour Day holiday.
Copper futures for July delivery rose $0.1465 to settle at $5.9930 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.06% at $13,134.50 a ton.