Copper futures settled higher on Monday, even as private data showed China's manufacturing activity expanded at its weakest pace in four months during July. Meanwhile, copper prices were supported by ongoing supply constraints following severe winter storms in Chile that disrupted operations at major mines, alongside long-term demand from AI infrastructure and power grid electrification. Investors awaited a looming White House decision on refined copper import tariffs.
Copper futures for September delivery gained $0.075 to settle at $6.5405 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.57% at $13,870 a ton.