Copper futures settled higher on Tuesday, supported by persistent optimism that the United States and Iran could reach a peace deal despite US bombings of Iranian targets. Copper prices also improved further due to falling US Treasury yields and a softening US dollar, which scaled back expectations for near-term interest rate hikes from the Federal Reserve and alleviated worries about rising inflation. Moreover, the strong rally in AI-related technology stocks also bolstered sentiment in the copper market.
Copper futures for July delivery rose $0.018 to settle at $6.3970 a pound on the Comex metals division of New York Mercantile Exchange. However, Copper on the London Metal Exchange was down by 0.32% at $13,623.50 a ton.