Copper futures settled higher on Wednesday, despite a strong US dollar after the FOMC raised interest rates by 25 bps as widely expected and signalled another rate hike by the end of the year to contain inflation. Meanwhile, robust data center demand, renewable energy growth, and mining supply disruptions continued to support the market.
Copper futures for December delivery rose $0.0655 to settle at $6.5090 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.06% at $14,232.50 a ton.
